The Tax Appeal Tribunal (“TAT” or “the Tribunal”) sitting in Lagos, on 10 February 2022, delivered a landmark judgement on what constitutes “stock-in-trade”, for the purpose of determining allowable input VAT which can be claimed against output VAT. The decision arose from an appeal by Chi Limited (Chi/the Company) against the Federal Inland Revenue Service (FIRS).
Source: andersen.com
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