15 Jun 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 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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We hope you have found this information helpfulPlease note that this information is provided for general informational purposes only and is not intended to be legal advice. No lawyer-client relationship is formed nor should any such relationship be implied. This answer is not intended to substitute for the advice of a qualified lawyer. If you require legal advice, please consult with a qualified lawyer. If you would like to find out more about a consultation with one of the lawyers in our network, you can use the free tool below to get an estimate.

 

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