The Tax Appeal Tribunal (TAT or “the Tribunal”), sitting in Lagos on 19 February 2020, delivered judgement in the tax appeal filed by Prime Plastichem Nigeria Limited (“the Appellant”) against the Federal Inland Revenue Service (FIRS or “the Respondent”).
The Appellant is a private limited liability company that engages in the importation and trading of plastics and petrochemicals. The Appellant had approached the TAT to seek reliefs in respect of an additional liability of N1,738,481,875.33 relating to the audit of its purchase of plastics and petrochemical products from an offshore related party.
The key issues for determination were:
The TAT delivered judgement in favour of the FIRS on all issues submitted and dismissed the appeal in its entirety.
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