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THE TAX APPEAL TRIBUNAL HAS RULED THAT IT IS UNCONSTITUTIONAL FOR THE FEDERAL INLAND REVENUE SERVICE TO ISSUE A NOTICE OF ASSESSMENT/ ADDITIONAL ASSESSMENT SIMUTANEOUSLY WITH A NOTICE OF REFUSAL TO AMEND

The Tax Appeal Tribunal (“Tribunal”) sitting in Lagos on Friday the 27th day of September 2019 delivered its Judgment in the matter between Ponticelli Upstream (Ponticelli/Appellant) and Federal Inland Revenue Service (FIRS/Respondent).

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Federal High Court rules on validity of the Hotel Occupancy and Restaurant Consumption Law and Regulations

The Federal High Court, sitting in Lagos State, recently delivered judgment in the case of The Registered Trustees of Hotels and Managers Association of Lagos (RTHMAL) v. Attorney General of Lagos State & Federal Inland Revenue Service (FIRS). It ruled on the validity or otherwise of the Hotel Occupancy and Restaurant Consumption (HORC) Laws and Regulations passed by the Lagos State legislature.

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Proposed Increase in Value Added Tax VAT to 7.5% by the Federal Executive Council

The Federal Executive Council (FEC), on Wednesday 11 September 2019, approved an upward review of Value Added Tax (VAT) rate from 5% to 7.5%. The Minister of Finance, Budget and National Planning stated that the increase would not take effect until the VAT Act has been amended to reflect the new policy. The Minister stated further that the increase in the VAT rate is necessary in raising revenue to enable the government (both Federal and State) meet its obligations (including payment of the new minimum wage).

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