Hon. Justice A. Bello of the Federal High Court, Abuja's recent decision (March 2011) in CNOOC E&P NIGERIA LIMITED v AGF & 2 ORS [FCH/ABJ/CS/605/07] that assignment of contractor’s working interest in a PSC was not VATable, recently brought the above song to mind.
The interest assigned was a chose in action, not “goods” or “services” as defined in the VAT Act (VATA). This write-up examines the ramifications of the decision given the controversy surrounding FIRS' insistence on charging VAT on assignment of license interests, amongst others.
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