Nigeria

Nigeria 15% Luxury VAT

April 9th, 2017

Nigeria has proposed the introduction of new luxury goods VAT rate of 15%.  The standard VAT rate is 5%.  If approved, the new rate would be implemented from 2018. Goods targeted will include champagne and yachts. Nigeria’s budget deficit has suffered in the past three years with the decline in oil prices.


Nigeria

Nigeria plans VAT rate rise to 10%

August 10th, 2015

The Nigerian Federal Inland Revenue has confirmed plans to double the Nigerian VAT rate from 5% to 10% this year. The rise is seen as necessary to cope with the fall in world oil prices, which have fallen by over 100% to below $50 per barrel in the last 14 months. The rise is seen as …


Nigeria

Nigeria faces 10% VAT following oil crash

January 24th, 2015

Nigeria is proposing to raise its VAT rate from 5% to 10% as it struggles to manage the losses on its key oil exports as the global price of oil tumbles. The 5% rate has been in place since the introduction of Value Added Tax in 1993. There are exemptions for basic foodstuffs and other …