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FIRS Dragged to Court over N1.15b excess tax

By on October 23, 2012

Acting Chairman, FIRS, Alhaji Kabir Mashi

The Federal Inland Revenue Service (FIRS) was yesterday dragged to the Tax Appeal Tribunal by NICON Insurance Plc and 43 others over the non-refund of about N1.15 billion overpaid stamp duties.

The insurance companies said that they paid surplus stamp duties to the Federal Government through FIRS between 2002 and 2006, as stated in the appeal document filled by their Counsel, Prof. Taiwo Osipitan (SAN).

They claimed that the respondent acted “arbitrarily and capriciously” by declining to recompense the excess stamp duties to them.

They said FIRS also contrary to the law, “in refusing to refund excess stamp duties paid on various increases on their share capital to the tune of N1.15 billion.’’

Stating that the respondent erred in law in the decision that the appellants’ claims for refund of surplus stamp duties paid by them on their individual statements of increase in share capital were time barred by virtue of Section 21 of Stamp Duties Act Cap S.8 Laws of the Federation, 2004.

Sunday Oghayei, who stood in for Osipitan, stated that the appellants’ claims “are for a refund of excess stamp duties paid over and above the amount prescribed by relevant Statute/Money received by the respondent.’’

The appellants are in quest of a “declaration that the decision of the respondent that the application of the appellants for refund of excess stamp duty payments on increases in their share capital between it and FIRS is statute barred is incorrect, arbitrary, oppressive and a derogation of the appellants’ rights,” they said.