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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How to Avoid the Cost of Non-compliance of Taxes in 2021

Value Added Tax (VAT): The Major Highlights

A quick question for you.

Have you ever tried to play smart and ended up regretting it? Chances are you have. Well that is exactly how it feels when you fail to remit your taxes by the due date, and it comes biting back.

Let us take a little trip down memory lane. The Value Added Tax (VAT) Decree of 1993 was the first to introduce VAT to the Nigerian economy. Since then, it has witnessed series of amendments including the most recent Finance Act 2019. The amendments are geared towards ensuring simplicity and compliance. The regulation that currently governs the administration of VAT in Nigeria is the Value Added Tax Act CAP V1 LFN 2007 (as amended) and the Finance Act 2019.

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