Nigeria’s Federal Inland Revenue Service (FIRS) has updated the Value Added Tax (VAT) compliance processes on its ICT-based tax compliance platform, the TaxPro MAX (the Platform). The updated processes are on Sales, Purchases, Sales Adjustments, and the VAT Returns Form. We provide below, 15 key notes on the changes on the Platform and their implications for your VAT compliance process, going forward:
Read MoreCharge 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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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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