The Tax Appeal Tribunal sitting in Abuja has adjourned to August 5, the N61.52 million tax dispute filed by Oando Plc against the Federal Inland Revenue Service (FIRS).

Mr Nnamdi Ibegbu, the Acting Chairman of the tribunal, adjourned the case to enable the parties to file their  out of court settlement report.

The counsel to the appellant, Miss Eloi Ajunma, at the resumed hearing, told the tribunal that the company had agreed to settle out-of-court with FIRS.

She said Oando had held series of meetings with the management of the FIRS with a view to amicably resolve the matter.

“After the last sitting, we held a series of meetings to take a few measures for the purpose of the next settlement meeting, one of which was to have all the parties and their experts in attendance.

“This is to come to a conclusion whether there are taxes pending and if they have been paid or not,” she said.

She said the meeting had been held and it had been confirmed that all the pending taxes had been paid.

The counsel said the parties had fixed a meeting for July 3 to put final touches on the out-of-court settlement, which would be filed on the next adjourned date.

Mr Bright Igbinosa, Counsel to FIRS, affirmed that a meeting had been scheduled for out-of-court settlement and “there is no hostility between the parties”.

Oando  has dragged FIRS to the tribunal for refusing to amend its tax assessment of N61.52 million for 2004.

The amount consisted N54.64 million Corporate Income Tax (CIT) and Education Tax of N6.88 million.