The Tax Appeal Tribunal (TAT) sitting in Abuja has ordered the Nigeria Liquefied Natural Gas (NLNG) Limited to pay the Federal Inland Revenue Service (FIRS) $27.5 million.
The payment is expected to be made as full and final settlement of the revised company income tax (CIT) for the 2016 assessment year.
A five-member panel, chaired by Mrs Alice Iriogbe, entered the judgment on the terms of a settlement.
The News Agency of Nigeria (NAN) reports that NLNG Ltd sued the FIRS as the sole respondent on April 21, 2022.
The appellant prayed the tribunal to restrain the revenue agency from collecting $141. 75 million from it as CIT for the year under review.
It challenged the FIRS’ notice of additional assessment dated December 15, 2021, and the notice of refusal to amend (NORA) dated March 22, 2022.
The TAT, in the certified true copy of the judgment, held that in the terms of settlement signed by parties, the NLNG agreed to pay FIRS “the sum of USD$27,500,000 as full and final settlement of the Revised CIT Assessment and the subject matter of this appeal if payment is made on or before Friday, 12th July 2024.
“In furtherance of the above the appellant (NLNG) on Monday 8th July, 2024, duly remitted the said sum of USD$27,500,000 to the respondent (FIRS), being the full and final settlement amount agreed upon by the parties.
“In the circumstance, the terms contained in the terms of the settlement have been adopted and made the judgment of this Honourable Tribunal.
“This is the judgment of this Honourable Tribunal.”
