People’s Leasing and Finance PLC vs. Commissioner General of Inland Revenue – sllr 2021 volume 3 page 230

In the case between People’s Leasing and Finance PLC and the Commissioner General of Inland Revenue, the court addressed the validity of aggregated “global” VAT assessments and the applicability of statutory time bars under the VAT Act. It was held that assessments aggregating multiple taxable periods were permissible where individual computation was impracticable, and that delayed or deficient submission of statutory annual adjustments precluded reliance on time bar protections. The decision clarified that income from share trading, dividends, and bank interest qualified as supplies of financial services liable to VAT under the relevant statutory provisions. Relying on sections 33, 34, 25C, and 25F of the VAT Act and established case law, the court affirmed that none of the appellant’s le