Navigating input tax credits for the GST paid on imported goods

GST is payable on taxable supplies and taxable importations. In some cases, one transaction can constitute both a taxable supply and a taxable importation.
Input tax credits can be claimed for creditable acquisitions and creditable importations.

To avoid an unwanted GST cost, importers and their advisers need to be careful that their supply chain allows for both input tax credits to be claimed on the creditable importation and for the GST cost of the taxable supply […]

By |March 1st, 2019|

United States: Taxing Times: The Death Of LIBOR

Regulators have cautioned that LIBOR—which serves as a reference rate for approximately $35 trillion dollars of debt and derivatives—will be phased out as early as the end of 2021.  As a result, countless instruments will have to be amended to provide for a new reference rate.  If these amendments are treated as “material modifications,” they could significantly affect the parties to the instruments.
Material Modifications
A material modification of an investment generally is treated for tax […]

By |March 1st, 2019|

Nigeria: Court Of Appeal Rules On A Tax Authority’s Powers To Distrain Taxpayers

On 26 November 2018, the Court of Appeal (COA or the Court) held that the Ekiti State Board of Internal Revenue (“ESBIR”) cannot make an ex-parte application to distrain a taxpayer’s property or issue a warrant of distress in the absence of a final and conclusive tax assessment. This decision was reached in the case between Guaranty Trust Bank PLC (“GTB” or “the Bank”) vs Ekiti State Board of Internal Revenue.

The Court arrived at this decision because Section 104 […]

By |February 28th, 2019|