The Tax Appeal Tribunal in Abuja on Tuesday closed a N28.2 million suit filed against the Federal Inland Revenue Service (FIRS) by Milan Nigeria Limited.

Mr. Nnamdi Ibegbu (SAN), the acting Chairman of the tribunal said in his ruling that ``the matter is hereby determined following the terms of settlement reached by both parties.’’

He said that going by the letter received by the tribunal from Milan Nigeria Limited it stated that as at September 14, the company had a balance of N1.8 million to be paid to FIRS.

The News Agency of Nigeria (NAN) reports that Milan Nigeria Ltd. had filed an appeal in May 17, 2012 against FIRS through the tribunal for VAT refund of N28. 14million.

There were several appeals on various claims by both parties, one of which stated that Milan Nigeria Limited owed FIRS N23. 17million.

Milan then appealed that FIRS should deduct the above sum from the VAT refund of N28.14 million.

In the same appeal, Milan requested that the deduction of N4. 95 million should be used to settle future tax liabilities by FIRS.

Milan also appealed that the interest and penalties claim of N53. 01 million by FIRS against the company should be waved off.

Mrs. Angela Gabadi, the Counsel to FIRS and Miss Ifedayo Owoso, Counsel to Milan, in an agreement expressed appreciation to the ruling of the tribunal. (NAN)

*Photo shows FIRS logo.