The insurance firms dragged the FIRS to court.
The insurance companies had earlier dragged the FIRS to the Tax Appeal Tribunal in Abuja over the non-refund of about N1.15 billion overpaid stamp duties.
The appellants include Continental Re-Insurance Plc, Industrial and General Insurance Plc, Royal Exchange Assurance Nig. Plc, International Energy Insurance Plc, Lasaco Assurance Plc., ADIC Insurance Ltd and Standard Alliance Assurance Company Ltd, among others.
The insurance companies, in an appeal filed through their counsel, Taiwo Osipitan, alleged that they paid the excess stamp duties to the Federal Government through FIRS between 2002 and 2006.
At the resumed sitting on Monday in Abuja, Sunday Oghayei, who stood in for Mr. Osipitan, said the parties had resolved to settle the matter out-of-court, and had written a letter to the office of the chairman of the FIRS on the resolution.
Bright Igbinosa, counsel to FIRS, confirmed the development, acknowledging that the office of the FIRS chairman had received a letter to that effect from the insurance companies.
He said a meeting would be scheduled with all parties to agree on the terms of settlement and the report of which would be filed in the court at the next adjourned date.
Consequently, the acting chairman of the tribunal, Nnamdi Ibegbu, adjourned the case to September 4 to enable the parties file their out-of- court settlement report.
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