By Elizabeth ADENUGA
The Tax Appeal Tribunal in Abuja has struck out a suit by 44 Insurance Companies against the Federal Inland Revenue Service (FIRS) on a N1.7 billion overpaid stamp duties judgment variation.
Continental Reinsurance PLC and 43 others had 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.
The appellants had consequently sought for an order of the court for the payment of N1, 730, 472, 420 by FIRS as refund of excess stamp duties paid in their respective share capital.
They averred that the overpaid stamp duties to FIRS occurred during the re-capitalisation of insurance companies between 2002 and 2006.
The appellants’ action was aimed at compelling FIRS to refund the money without further delay.
Consequently, the parties agreed to an out-of-court-settlement leading to a consent judgment delivered by the tribunal.
However, the insurance companies had approached the tribunal with a motion for the variation of the judgment where the tribunal had erroneously entered N1.5 billion as the amount in dispute.
But the new tribunal chairman, Mrs Alice Iriogbe, on Wednesday ordered the appellants to file afresh their suit, saying that the panel could not act on the previous proceedings of the previous panel.
Iriogbe ruled that whatever the parties were filing should be fresh because the panel was not a party to the consent judgment delivered by the previous panel.
“Your filings should be detailed; file a fresh appeal. The appeal is officially struck out, all filings should be fresh with current dates” she ordered.—-NAN