Taxation (14)
HELD:
"Learned counsel for the Appellant made so much fuss about the Respondent's assessment of the Appellant, which directed it to file VAT returns for the period of 2006-2010 assessment years, based on the Respondent's Best of Judgment Assessment (BOJ).
HELD:
"It is apparent from the record that the Appellant, under this issue, seems to be contesting majorly the imposition, by the Tax Tribunal, of the VAT and penalties for late returns thereon.
HELD:
"I have earlier in this judgment reproduced the Provisions of Sections 37 and 38 of the Petroleum Profits Tax Act which provides that assessment of tax shall contain the names and addresses of the companies assessed to tax and in the case of each company; for each of its accounting period, the particular accounting period.
HELD:
"Section 45 (4) of the Petroleum Profits Tax Act states that final settlement of tax shall be due for payment within 21 days after service of the notice of assessment of tax for a given accounting period.
HELD:
"Now Section 41 of the Personal Income Tax Act 2004 which deals with returns by taxable persons provides that:
HELD:
"The two principles of tax law at the centre of the disputation in this issue are the Reverse Charge and Destination Principles. In exoteric terms, the Reverse Charge is applicable in European Union Countries whereby the buyer of goods or services from supplier(s) in other EU countries assumes the responsibility of paying the applicable VAT rates instead of the Supplier. By this principle it is the buyer of goods or services that pays the VAT; put differently the VAT is paid by the person to whom the goods or services are supplied. By Section 10 (2) of the VAT Act, the person to whom the goods or services are supplied in Nigeria has the obligation to remit the tax.
HELD:
"Prefatorily, the non-resident foreign company supplied satellite network bandwidth capacities for the use by the Appellant in its telecommunications business. By its very nature, the satellite is located in orbit and the transmission of the bandwidth capacities to and fro the satellite is done by the Appellant's transponder located in Nigeria. So even though the satellite is in orbit, the service it provides for the Appellant is supplied in Nigeria. The pertinent question is: whether given the nature of the service provided by the satellite network bandwidth capacities, it is a VATable transaction.