Insurance companies numbering forty four have taken the Federal Inland Revenue Service, FIRS, to the Tax Appeal Tribunal to seek a refund of N1.1 billion excess stamp duties.
The insurance companies said they were made to pay the excess stamp duties on their respective statements of increase in their share capitals.
They pray the tribunal to direct FIRS to pay them the excess stamp duties and compounded interest at the rate of 20 per cent per annum from January 2003 until date of judgment.
The complainants are also seeking the tribunal to order FIRS to pay compounded interest of 10 per cent from the date of judgment until all excess were refunded.
The FIRS on its part has said its action was lawful and in accordance with Section 21, CAP 8 of the Stamp Duties Act.
The FIRS insisted that the allegations by the companies were incorrect, saying the plaintiff’s suit had exceeded the 21 days prescribed by law for them to appeal.
The FIRS, is therefore, urging the tribunal to strike out the appeal for lack of merit.
The News Agency of Nigeria (NAN) reports that when the matter came up for hearing, counsel to the insurance companies, Taiwo Osipitan, SAN, closed his case.
Also, counsel to FIRS, Bolanle Oniyangi, applied for a date to enable her field the defence witnesses.
The hearing on the appeal is adjourned till November 30.
