-Parties Agree to Settle Out of Court
A N61.52 million tax dispute filed by Oando Plc against Nigeria’s Federal Inland Revenue Service was adjourned on Monday in Abuja.
The adjournment follows the revelation by the counsel to Oando, Mr. Olumuyiwa Oluwole, that Oando had on Feb. 28 met with the management of the FIRS with a view to amicably resolving the matter.
Acting chairman of the tribunal, Mr. Nnamdi Ibegbu, adjourned the case to April 11, to enable parties in the suit file their out of court settlement report.
Oando had sued the Revenue Service over what it says was the Service’s refusal to amend its tax assessment of N61.52 naira for the fiscal year 2004.
The amount consists N54.64 million Corporate Income Tax (CIT) and Education Tax of N6.88 million.
“After the meeting, we came out with a few measures for the purpose of next settlement meeting one of which was to have all the parties and their expert in attendance.
“This is to come to a conclusion whether there are taxes pending and if they have been paid or not. The meeting has been tentatively fixed for sometime this month,” he said.
Oluwole, therefore, sought for adjournment to another date.
Ibegbu, the tax tribunal chief, expressed worry about the lingering proceedings, asking Bright Igbinosa, who is counsel to Federal Inland Revenue Service, if the absence of its board had been responsible for the delay in the case.
Igbinosa said that it was partly responsible for the delay in the decision of some other cases but not in the case in question.
“It is true that the board has not been constituted, but in respect of this matter it has nothing to do with the board but the management,” Igbinosa said.