Following the FIRS letter dated 19th day of October, 2018, informing the Appellant of its intention to assess the Appellant to additional taxes particularly with respect to Value Added Tax (VAT) on incomes derived from letting out its properties for the 2014 – 2016 accounting years, The Tax Appeal Tribunal has declared such information circular Illegal as rent derived from lease of real properties, residential or commercial is not subject to VAT.
THE Lagos Tax Appeal Tribunal in the case of Ess-AY Holdings Limited v. Federal Inland Revenue Service (FIRS) in Appeal Number: TAT/LZ/VAT/029/2019 made this known under the Value Added Tax Act as contained in a judgement of the Tribunal dated 10th day of September, 2020.
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