11 Feb Value Added Tax Act Cap V1 LFN 2004
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 services which are exempt from VAT include medical and pharmaceutical products, basic food items, books and educational materials, baby products, all exports etc
- Rate of tax set at 7.5%
- Taxable persons are to register within 6 months of commencement of business
You can read the full provisions of the law here – Value Added Tax Act
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