Nigeria’s Value Added Tax Act (the “VAT Act”) provides for the imposition of tax on the supply of goods and services. Considering the nature of goods and services, one would have expected that the scope of the VAT Act would not be moot. But the Federal Inland Revenue Service’s (the “FIRS”) browbeating of taxpayers who trade in intangibles and court decisions on taxation of transactions involving real estate and software have served to introduce uncertainty into the topic. In fact, for some in the business of intangibles, they have structured their commercial arrangements on the conviction that their stock in trade is chargeable to VAT.
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