By Edith Nwapi
Abuja – The Tax Appeal Tribunal sitting in Abuja on Wednesday adopted the terms of settlement entered by 44 insurance companies and the Federal Inland Revenue Service (FIRS) over N579.5 million overpaid stamp duties charged the companies.
The companies on Nov.19, 2018, filed a motion for an order for variation of a consent judgment delivered by the tribunal on May 10, 2016, having noticed the shortfall in the judgment amount.
They averred that the overpaid stamp duties to FIRS occurred during the re-capitalisation of insurance companies between 2002 and 2006.
In its ruling, the tribunal chairman, Mrs Alice Iriogbe, held that the tribunal had carefully studied the terms of settlement entered by the parties.
” The tribunal has now adopted the terms of settlement as its judgment as full and final settlement of the claims in the suit.
She said that the appellants had applied for the sum of N579.5 million being the balance of the admitted excess stamp duties paid to FIRS in 2012.
Iriogbe said that FIRS also admitted on the grounds that it was due to arithmetic errors and the amount had a shortfall of N579.5 million.
She said in their terms of settlement the parties have agreed to the provisions.
The tribunal noted that the Executive Chairman has approved the said amount and would be paid to the appellants counsel Bayo Osipitan and Co in full and final settlement of the claim for excess stamp duties refund.