3rd March, 2016
The Tax Appeal Tribunal in Abuja has adjourned till May 9 to enable the insurance companies study and react to the process filed by the Federal Inland Revenue Service (FIRS).
The Counsel to the appellants, Prof. Taiwo Osipitan (SAN), told the tribunal that the FIRS served him with a process, which he needed time to study.
Osipitan, therefore, applied for an adjournment to enable him study the document and file his reply.
FIRS Counsel Bright Igbinosa did not oppose the application.
The tribunal Chairman, Mr Nnamdi Ibegbu, adjourned the case till May 9 for the motion and adoption of address.
The 44 companies sued the FIRS for allegedly imposing N1.1 billion excess stamp duties on them.
They urged the tribunal to direct FIRS to pay them the excess stamp duties on compound interest at the rate of 20 per cent per annum from January 2003 till date of judgment.