The Court of Appeal recently held that failure to register a registrable agreement under the NOTAP Act is not a criminal offence and does not render the agreement illegal or unenforceable. On the back of this, FRCN issued a public notice that technology transfer agreements which are required to be registered with NOTAP, but are not registered, can be included by business organisations as expenses for tax and auditing purposes regardless of whether they were registered with NOTAP. However, is recognition in the organisations’ accounts enough to make such expenses tax-deductible without NOTAP approval? We examine these and other issues in our article on the link below, as a fall out of the Court of Appeal decision in Stanbic IBTC Holding Plc v. Financial Reporting Council of Nigeria & Anor.
