• - VAT is governed by Value Added Tax Act Cap V1, LFN 2004 (as amended)
  • - VAT is a consumption tax paid when goods are purchased and services rendered
  • - It is a multi-stage tax
  • - VAT is borne by the final consumer
  • - All goods and services (produced within or imported into the country) are taxable except those specifically exempted by the VAT Act
  • - VAT is charged at a rate of 5%
  • - Some goods and services such as non-oil exports are zero rated
  • - All taxable persons are required to file VAT monthly returns not later than 21st day following the month of transaction
  • - All MDAs and Oil & Gas Companies serve dual roles as taxpayers and agents of VAT collection and are also required to file monthly returns not later than 21st day following the month of transaction
  • Offences include:
  • - Failure to register
  • - Failure to charge VAT
  • -Failure to issue tax invoice
  • -Failure to remit VAT charged
  • - Failure to file returns


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TAX PAYMENT HAS GONE ELECTRONIC!!!



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