The Tax Appeal Tribunal sitting in Lagos has delivered judgement in the tax appeal filed by Prime Plastichem Nigeria Limited against the Federal Inland Revenue Service.
The Appellant, Prime Plastichem Nigeria Limited, a private limited liability company that engages in the importation and trading of plastics and petrochemicals had approached the Tax Appeal Tribunal (TAT) to seek reliefs in respect of an additional liability of N1,738,481,875.33 relating to the audit of its purchase of plastics and petrochemical products from an offshore related party.
Ruling on the historic matter, the TAT delivered its judgement in favour of the FIRS on all issues submitted and dismissed the appeal in its entirety.
While the lawyers of the appellant were not available for comment on the judgement, the lawyer representing Federal Inland Revenue Service (FIRS) Barr. Somayina Chigbue from legal firm of Chigbue & Chigbue commended the judgement stating that the judgement will now set its own precedence for ease of legal interpretation or reference and assured that it will sustain its drive to ensure that every revenue owed the Federal Government will be recovered using every legal options at its disposal.