An Abuja-based Mortgage Bank, Infinity Trust Mortgages Bank PLC, on Wednesday sued the Federal Inland Revenue Service (FIRS) in a Tax Appeal Tribunal sitting in Abuja, for imposing N29. 2 million remittance on Value Added Tax (VAT) with penalty and interest on it
The appellant sought 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 VATable 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 on Wednesday, Mr Olumide Olujimi, counsel for the appellant informed the court that the matter was coming up for the first time and the witness they sought to bring was not present.
He promised that by the next adjourned date their witness would be present and prayed for an adjournment.
Mrs Beatrice Olaribijgbe- Oyinbo, counsel for FIRS informed the tribunal that they have filed their reply to the appeal since Nov. 28.
The tribunal chaired by Mrs Alice Iriogbe adjourned the matter until Jan. 23, 2019 for hearing.