WebSep 17, 2024 · The FIRS also imposed interest and penalty on the alleged additional tax liabilities in its notices of assessment. The Appellant disagreed with the additional … WebSep 26, 2024 · On 19 June 2024, the Federal High Court (FHC) set aside the decision of the Tax Appeal Tribunal (TAT or the Tribunal) in the case between Federal Inland Revenue Service (FIRS) vs Gazprom Oil & Gas Nigeria Limited (Gazprom). The FHC held that a Nigerian company is liable to Value Added Tax (VAT) on any transaction involving the …
TETRA PAK WEST AFRICA LTD. V. FIRS TAX APPEAL TRIBUNAL …
WebOur regional network of customs and international trade consultants routinely gather, analyse and disseminate information and knowledge to our clients. Based on studies as well as meetings and discussions that take place across the region with various trade and customs officials, we consolidate our findings into Trade Intelligence Asia Pacific. WebInland Revenue Service (BCIS v FIRS) – the implications. BCIS is a company limited by shares. BCIS argued that it only provides educational services and does not carry on any other trade or business. BCIS had sought an order of the Federal High Court to prevent the FIRS from imposing and enforcing companies' income tax assessment on it. The FIRS hobert freeman
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The decision in CHI Limited v. FIRS is a sharp deviation fromthe traditional presumption exercised by the tax authorities thatALL input VAT suffered on overheads, stock-in-trade other than rawmaterials, and inventories are not recoverable as input VAT claims.This decision clarifies the … See more CHI Limited commenced an appeal before TAT following FIRS'refusal to grant the company's input VAT claims incurred on thepurchase of gas, short-term spares and consumables against … See more What is without contention is that upon charging output tax, ataxpayer is entitled to deduct qualifying input VAT alreadysuffered. Section 17 of the VAT Act determines the scope ofqualifying input VAT as deduction … See more The Tribunal ruled in favour of the appellant; CHI Limited that"stock-in-trade" could not be simplified to just rawmaterials and inventories. Since the VAT Act provides for"stock-in-trade, " the same must be construed in … See more WebOn the other hand, the FIRS argued that “sales in the ordinary course of business” as used in the Companies Income Tax (Rate, etc., of Tax Deducted at Source (Withholding Tax) Regulations) (the “WHT Regulations”) is ambiguous and that the FIRS has the legal latitude to determine its interpretation. The FIRS argued further WebFeb 2, 2024 · Summary. On 11 December 2024, the Court of Appeal (COA or the Court), in the case between Best Children International Schools Limited (BCIS Limited or the … hsn code for wooden wall clock