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 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
Thank you for reading this post, if you have found it useful please share with your network using one of the share buttons below. If you have any suggestions or feedback, please send us an email at [email protected]
We hope you have found this information helpful. Please 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, you may click on the button below.