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The Investment Trust Companies (ITC), closed-end investment trusts that got investment management services from management companies, sued to recover overpaid VAT from the HMRC. The managers usually got paid by fees plus VAT. It was thought that there was no exemption possible, and VAT was charged at a standard rate.
The Constitution of Nigeria is the supreme law of the country. There are four distinct legal systems in Nigeria, which include English law, Common law, Customary law, and Sharia Law. English law in Nigeria is derived from the colonial Nigeria, while common law is a development from its post-colonial independence. [1]
The Financial Reporting Council (FRC) of Nigeria, formerly the Nigerian Accounting Standards Board (NASB), is an organization charged with setting accounting standards in Nigeria. On Thursday, 6 May 2021, Shuaibu Adamu Ahmed was inaugurated by the Minister of Industry, Trade and Investment, Adeniyi Adebayo, as the Executive Secretary/Chief ...
The International Trade Centre (ITC) was established on 1 January 1968. [4] The ITC has a joint mandate with the World Trade Organization (WTO) and the United Nations (UN) through the United Nations Conference on Trade and Development (UNCTAD). The ITC is the focal point for trade-related technical assistance. [5]
Asset Management Corporation of Nigeria (AMCON) Social Security Administration of Nigeria (SSA) Budget Office of the Federation (BOF) Bureau of Public Procurement (BPP) Central Bank of Nigeria (CBN) Corporate Affairs Commission (CAC) Debt Management Office (DMO) Federal Inland Revenue Service (FIRS)
The International Trade Commission ruled in Apple Inc.'s (NASDAQ: AAPL) favor in a patent dispute bought by arch-rival Samsung. Suits have gone back and forth between the two companies around the ...
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It oversees the administration of indirect taxes, including customs duties, excise duties, and the Goods and Services Tax (GST). CBIC's function also extends to prevention of smuggling, illicit financial activities, and regulation and control of narcotics through its attached/subordinate offices.