Charge of Value-Added Tax (VAT) on Services of Financial Institutions

Charge of Value-Added Tax (VAT) on Services of Financial Institutions

Introduction:

In terms of the Value Added Tax Act, as amended (VATA) a tax is imposed on all goods and services supplied in Nigeria. Goods and services are deemed to have been supplied in Nigeria upon issuance of an invoice or receipt by the supplier or upon receipt of consideration by the supplier or when consideration becomes due from the buyer.[1]

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