Electronic invoicing to double VAT revenues Nigeria’s governmental review has identified the implementation of e-invoicing as a key strategy to double VAT revenues. A form of mandatory e-invoicing is already in place with the Central Bank for clearing payments. No timing has been provided by
Federal government proposal to hike VAT from 7.5% to 10% may be accepted by new government Following the call by the Minster of Finance to hike VAT from 7.5% to 10%, the new government if facing calls from several quarters to increase VAT to nearer
Delays in agreement on OECD Pillar 1 global tax reallocation rights prompts Nigeria to act unilaterally Nigeria has become one of the few countries to comply with the OECD 137-country agreement to renegotiate global taxing rights, and has acted unilaterally at the start of 2022
Banking system pre-clearance on mandated import export electronic invoicing to fight fraud From 1 February 2022, imports or exports of goods from Nigeria must include a pre-clearance of an electronic invoice. Invoices must be submitted to any Authorised Dealer Bank for certification on the Trade
Simplified VAT compliance for foreign e-services and goods sellers & marketplaces Nigeria has secured the obligation for non-resident providers of goods or digital / electronic services to consumers to register and charge VAT. The follows the example of around seventy countries to implement collections role
Nigeria has implemented a rise in its standard Value Added Tax rate from 5% to 7.5% on 1 February 2020. This rise had originally been scheduled for January. There are no reduced VAT rates in Nigeria. To help support smaller businesses, a VAT registration threshold
