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The Enugu Zone of the Tax Appeal Tribunal has ordered Eminite Limited to pay the Federal Inland Revenue Service the sum of N1,102,863,789 (One Billion, One Hundred and Two Million, Eight Hundred and Sixty-Three Thousand Seven Hundred and Eighty-Nine Naira) tax liability as final and full settlement in the appeal brought against the Revenue agency.
The appeal panel entered the judgment in accordance with the terms of settlement consented by both parties in substantial compliance with the Tribunal’s rules.
From facts, the claimant- Eminite Limited had filed an appeal against the Federal Inland Revenue Service and sought for an order of the Tribunal to set aside assessment and demand notice contained in the Notice of Refusal to Amend Assessment issued by the FIRS to the Appellant dated 17th September 2021 covering the 2014 -2020 Years of assessment totaling the sum of N4, 253, 518, 282 (Four Billion, Two hundred and Fifty-Three Million, Five Hundred and Eighteen Thousand, Two Hundred and Eighty- Two Naira) among others.
In defense, the Federal Inland Revenue Service joined the issue by filing the necessary processes and urged the court to dismiss the suit for lacking merit that the tax assessment was done in line with the rule of law.
However, the terms of the settlement were agreed upon by the Parties after the Reconciliation meetings and an amicable settlement was reached that Eminite Limited is willing and has accepted to pay the sum of N1,102,863,789 (One Billion, One Hundred and Two Million, Eight Hundred and Sixty-Three Thousand Seven Hundred and Eighty-Nine Naira) as final and full settlement in the appeal and every other claim deemed to be forfeited.
In a well-considered judgment, the tribunal led by Hon. Barr. Chukwuemeka Eze as Chairman, Hon. Ide Udeagbala, Hon. Anne Akwiwu, Hon. Prof. J.O. Anyaduba and Hon. Obri Ogar as members ruled on the terms of settlement as agreed by both parties and awarded no cost in the spirit of an amicable settlement.
