ABUJA- The Tax Appeal Tribunal, Abuja, yesterday reserved judgment till June 8, the N65 million suit filed against the Federal Inland Revenue Service (FIRS) by Gazprom Oil and Gas Nigeria Ltd.
The company filed the suit, seeking the discharge of Value Added Tax (VAT) re-assessment notices filed against the company by FIRS.
The two VAT re-assessment notices were issued by FIRS on the company  on March 5, 2013 to pay 339, 168.87 dollars and 50, 894.96 Euros ( about N65 million).
Mr Nnamdi Ibegbu, Acting Chairman of the tribunal, adjourned the matter for judgment, after hearing the arguments of the company’s counsel to discharge the two VAT assessments.
Mr Monshood Olajide, counsel to Gazprom Oil said: “ we wish to adopt the argument in the written address filed Jan. 13, 2015 as appellant’s submission.
“We urge the tribunal to discharge the assessments that form the subject matter of this appeal subject to the convenience of the tribunal, we will like to make oral submissions’’. Olajide said.
He said the VAT Act does not impose the liability in the assessment on Gazprom Oil and Gas Nigeria Ltd.
Olajide said FIRS stated that the VAT Act should be interpreted using the “destination principle’’.
“ Our submission is that Section 10 of the VAT Act neither articulates nor endorses the “destination principle,’’ he said.