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MainOne bags business leader award - ITREALMS

ITREALMS : The Data Centre Dynamics (DCD) Awards has announced MainOne ,  CEO, Funke Opeke, the 2018 Data Centre Dynamics Business Lead...

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Tuesday, September 18, 2018

Court rules companies should self-charge VAT on imported services - ITREALMS

ITREALMS:

The Federal High Court (“FHC”) overruled the decision of the Tax Appeal Tribunal (“TAT”) in Gazprom Oil & Gas Nig. Ltd vs. Federal Inland Revenue Service (“FIRS), reports ITREALMS.
At the TAT, Gazprom Oil & Gas Nig. Ltd was able to establish that it received consultancy and advisory services from foreign/non- resident companies.
On the basis that the services were wholly performed outside Nigeria, the TAT discharged the FIRS re-assessment notices based on Section 10 of the VAT Act.
The FHC identified the sole issue for determination as “whether the supply of goods and services made by a non-resident company to a Nigerian company or person should be subject to VAT”. The FHC applied S.10(1) & (2) and 12 of VATA in reaching a judgment.
See our alert below and a copy of the judgement here.

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