Coy, FIRS, to adopt addresses over N48.5m excess tax May 10
The Tax Appeal Tribunal in Abuja on Tuesday fixed May 10 for the adoption of written addresses in an appeal by R&B Falcon Exploration, Lagos against Federal Inland Revenue Service (FIRS).
The company appealed against the award of N48.5 million excess tax for the year 1999 to 2001.
The tribunal Chairman, Mr Nnamdi Ibegbu (SAN), adjourned the case for the respondent to reply to the process served on him by the appellant.
The company claimed that the FIRS arbitrarily awarded the tax liabilities assessments valued at 246, 278 dollar (about N48.5 million).
It contended that the assessment was contrary to Section 26 of the Companies Income Tax Act (CITA) No. 28 of 1979 as amended.
The company also claimed that the FIRS could not in law raise any additional assessment with regard to the provisions of Section 48(1) of CITA.
The appellant argued that the FIRS was statute barred as it could not retroactively apply its new interpretation of Section 26 of the CITA to a deal concluded between 1999 and 2001.
In a reply, FIRS, had affirmed that the additional tax assessment was in accordance with Section 66 of CITA.
At the resumed sitting on Tuesday, Mr Aminu Ibrahim, applied for extension of time to respond to the process served on him by the respondents.
The appellant counsel prayed the tribunal to deem it right though it was filed out of time.
The respondent counsel, Mr Barry Chukwu, did not object, rather he applied for adjournment to enable him study and filed a reply on point of law to the process served on him by the appellant.
Chukwu informed the tribunal that the process was only served on him this morning.
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