Court orders FIRS, 44 insurance firms to file amended settlement for N1.7bn overpaid stamp duties

The Tax Appeal Tribunal on Thursday in  Abuja ordered 44 Insurance Companies and the Federal Inland Revenue Service (FIRS) to file amended settlement for judgment variation of  N1.7 billion overpaid stamp duties.
The insurance companies had approached the court with a motion for the variation of the judgment where the court had erroneously entered N1.5 billion as the amount in dispute.
Delivering ruling, Justice Alice Iriogbe held that the difference in the two figures might have been a clerical error in computation, adding that the record of the court was clear.
She said the court would only affirm the agreement reached by both parties and entered same as judgment.
The judge, therefore, ordered parties to file amended terms of settlement which would reflect the actual amount agreeable to them.
Oriogbe went ahead to adjourn the matter until Jan. 23 for further hearing.
Continental Reinsurance Plc and 43 others on November 19 filed the motion for an order for variation of the consent judgment delivered by the court on May 10, 2016 having notice the shortfall in the amount.
The appellants had sought for an order for the payment of a sum 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 judgement delivered by the court.