N29.2m VAT penalty: Tribunal fixes judgement for June 19

The Tax Appeal Tribunal sitting in Abuja on Wednesday fixed June 19, to deliver judgment in an appeal of N29. 2 million remittance on Value Added Tax (VAT) filed by Infinity Trust Mortgage Bank. The bank is challenging the Federal Inland Revenue Service (FIRS) for imposing the amount.

The tribunal headed by Alice Iriogbe fixed the date after parties in the suit adopted their final written addresses. The appellant is seeking the order of the tribunal for the annulment of the FIRS’s assessment or demand notice dated May 17 and July 6, served on it with penalty at 10 per cent and interest at 15 per cent. Responding, FIRS stated that the letter of reviewed and audited accounts were valid and issued in accordance with the relevant provisions of the law. FIRS sought the tribunal to declare that the VAT demand served on the Bank was valid and made in accordance with the law. The respondent further sought for a declaration that the VAT transaction by the appellant outside the main objectives of its business, is liable to VAT. FIRS further sought for an order compelling the appellant to pay to the respondent the sum of N29. 2 million being its VAT liability for the period of 2015 to 2016 as contained in the demand letter. At the resumed sitting , Mr Olumide Olujimi, counsel for the appellant in adopting his address, urged the tribunal to uphold the appeal and the reliefs sought. Mr Thiwhi Dauda, counsel for FIRS also urged the tribunal to discountenance the appeal and order the appellant to pay.


Source: Punch