By Akin Kuponiyi
The Federal Inland Revenue Service, FIRS and the Shell Petroleum Development Company (SPDC) have settled out of court the lingering tax legal battle that has been going on for the past two years.
The Shell Petroleum Company of Nigeria Limited being dissatisfied with the decision of the Tax Appeal Tribunal (TAT) delivered on 10th February, 2015 in Appeal number TAT /LZ/004/2014 on the deductibility of withholding Tax dividends paid on Gas Profit filed a notice of Appeal dated 11th March 2015 at the Federal high court in Lagos.
SPDC had filed a notice of appeal before the Tax Appeal Tribunal challenging the FIRS demand note dated 28th October, 2013, setting out an assessment of withholding Tax, Penalty and interest in the sum of USD16,275,081 (N5.85bn) on dividends on SPDC’s Gas profits for the years 2010-2011.
The Tax Appeal Tribunal upheld the FIRS’…
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