On 22nd January 2016, the Tax Appeal Tribunal (TAT) sitting in Lagos reinforced the principle established by the Court of Appeal in FIRS v Halliburton and by the Tribunal's earlier decision in Weatherford Services S. de R.L. v FIRS that a taxpayer filing returns under the deemed profits regime is not entitled to any deduction other than the 80% deemed cost.
The TAT also restated the position of the law on the legal status of information circulars in relation to principal legislation such as the Companies Income Tax Act (CITA).
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