Many experts have spoken on the remote and immediate effects of this “VAT fracas”, as you called it, between the federal government and the states. I hope we will not end up having the ‘cobra effect’, which technically means we may have intended and unintended consequences of our actions and we, therefore, need to manage this issue, in terms of the fallout. As an Institute, our position aligns with the provisions of our constitution.
With no end yet in sight on the VAT fracas, what are the legal implications for companies who do not file VAT returns by the 21st of September? As an Institute and based on the ruling by the Court of Appeal, we have advised our members to maintain the status quo and keep filing VAT returns with the Federal Inland Revenue Service pending the outcome of the appeal process.
If the final outcome of the legal tussle is in favour of States to collect VAT, how much of an imbalance would this cause especially for States who don’t generate enough IGR? I will not want to speculate. Even at this level of the ongoing litigation, we have issues that borders on legal and administrative clarification, guidance, interpretation of the law, regulatory compliance challenges, among others. I will rather defer my comment until the final outcome rather than dwell in the realm of speculation, assumptions and suppositions.
Go and remit it for them if them no remit am.
Man looks like Burnaboy
Under which law of the constitution?
All of u waiting for this VAT money will definitely have problems cos ur kids abroad will be ejected from their various schools and homes