Nigeria

Nigerian VAT returns

September 13th, 2018

Nigeria requires that VAT returns are filed on a monthly basis on Form 002. They are due by the 21st of the month following the reporting period. Any VAT due should also be paid by this date. This should be done through a payment or transfer from an approved bank. Returns may be filed online …


Nigeria

Nigerian VAT rates and VAT compliance

September 13th, 2018

VAT rates in Nigeria The main VAT rate in Nigeria is . Only a limited number of supplies are nil-rated, meaning any VAT suffered may be recredited to the tax payer. The current rates are: Nigerian VAT compliance VAT invoices must include the following information: Name, address and tax identification number of the supplier Name, …


Nigeria

Nigerian VAT registration

September 13th, 2018

Businesses supplying taxable supplies must VAT register. This is a requirement for services, as well as goods, since there is no reverse charge provision. This requirement covers incorporated companies and individuals providing supplies on a habitual basis. There is no provision for VAT group registrations. A VAT registration with FIRS is carried out by completing …


Nigeria

Nigeria

September 13th, 2018

Nigeria introduced Value Added Tax in December 1993. The rules for compliance and returns are contained within the VAT Act 1993. VAT is administered by the Federal Inland Revenue Service (FIRS). Import VAT is administered and collected by the Customs Services. Should you register for Nigerian VAT? The following supplies require businesses to VAT register …


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 …