About the Law This piece of legislation amends the Value Added Tax Act. Some key provisions include: Certain exempted goods and services are to be taxed at zero rate Provides for the distribution of revenue: Federal – 15%, State – 50%, Local Government...
What is VAT? Value Added Tax (VAT) is a tax imposed on the supply of goods and services. Under Nigerian law, the tax is charged at 7.5% of the value of the taxable goods and services. An illustration of this is if you sell shoes for N10, 000, the VAT chargeable on...
Taxes in Nigeria If you are reading this post, then you are one of the growing number of Nigerian business persons and entrepreneurs who are interested in knowing what their tax obligations are, and making sure they are operating their business while paying the right...
About the Law This piece of legislation was enacted to impose and charge value added tax on certain goods and services to provide for the administration and tax and related matters. Some key features include: Makes it chargeable on all goods and services Goods and...
