Clarifying Input VAT Claims: A Review Of The Decision In CHI Limited v. FIRS

CHI Limited commenced an appeal before TAT following FIRS’ refusal to grant the company’s input VAT claims incurred on the purchase of gas, short-term spares and consumables against the output VAT charged on its final products. The company claimed that these items qualify as stock-in-trade according to the provisions of Section 17 of the VAT Act, and as such, VAT incurred on them should be recognised as part of its qualifying input VAT.

Source: mondaq.com

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