The Federal Inland Revenue Services has cautioned against companies adhering to the judgment of Federal High Court in Port Harcourt Rivers State on the issue of Value Added Tax (VAT )collection. So that they don’t suffer and surcharge or interest payment should the appeal it has made goes in its favour.
“The Federal Inland Revenue Service (FIRS) has appealed a recent judgment of the Federal High Court in Port Harcourt Rivers State on the issue of Value Added Tax (VAT)collection”, Abdullahi Ismail Ahmad, Director, Communications and Liaison Department, disclosed in a statement.
The statement reads as follows: “This is to inform the general public that the Federal Inland Revenue Service has lodged an appeal against the judgment of the Federal High Court Port Harcourt Judicial Division delivered by Honourable Justice Stephen Pam, in SUIT NO. FHC/PH/CS/149/2020-ATTORNEY GENERAL OF RIVERS STATE v. FEDERAL INLAND REVENUE SERVICE & ANOTHER. We have also sought an injunction pending appeal and a Stay of Execution of the said judgment.
“As the decision is being appealed and in view of the pending applications for an injunction and stay of execution which the FIRS has filed in court against the judgment, members of the public are advised to continue to comply with the Value Added Tax obligations until the matter is resolved by the appellate courts in order to avoid accruing the consequent penalties and interest for non-compliance.”