Abuja, – The Tax Appeal Tribunal on Thursday in Abuja, struck out the suit filed by Federal Inland Revenue Service (FIRS), against Oando Plc over N21 million tax liabilities.
Mr Nnamdi Ibegbu, the acting chairman of the tribunal struck out the suit, as Oando had settled the liabilities.
The News Agency of Nigeria (NAN) reports that Oando had in March 2003 sued FIRS for refusing to amend its assessment on company income tax and education tax for the year 2004.
The chairman said that Oando Plc was no longer liable to FIRS based on the payment made.
“ The matter is hereby struck out,’’ Ibegbu said.
He advised both parties to draw and duly sign the terms of settlement.
Mr Bright Igbinosa, counsel to FIRS, confirmed the payment made by Oando.
He applied to the tribunal stating that the “ original assessment issued against Oando by FIRS be discharged and the reversed assessment subsequently issued be upheld.’’
Ms Eloyi Ajogi, counsel to Oando, agreed to the advice of the tribunal to duly sign the terms of settlement. (NAN)