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
Nigeria’s Federal Inland Revenue Services (FIRS) has been empowered to live connect its ATAS tax connector with taxpayers accounting systems. This technology would allow FIRS to review transactional data at the source ERP or accounting system to help detect missing Value Added Tax. Check VAT
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
