Federal government proposal to hike VAT from 7.5% to 10% was rejected by the Senate The Nigerian Senate at the start of May has rejected a proposed phased rise in VAT from 7.5% to 10%. Otherwise, it did accept the government’s Revenue Service (Establishment) Bill
Tax Reform Bill to shake-up VAT revenue split between regions A new Tax Reform Bills has been submitted to the NigerianNational Assembly for consideration and proposes an equitable model to share the Value Added Tax among the 36 states of the federation. The bill also
Lower House rejects Reform Bill proposes VAT rise from 7.5% to 10% A Bill to raise immediately VAT by 2.5% to 10%, and then to 15% by 2031, has been rejected by the House of Representatives on 14 March 2025. There has been no commitment
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
