Of particular concern to businesses and consumers with regard to the Finance Act is, perhaps, the introduction of a new Value Added Tax (“VAT”) system, and an increase in the VAT rate from 5% to 7.5%, based on the amendments made to the Value Added Tax Act (Chapter V1) Laws of the Federation of Nigeria 2004 (as amended) (the “VAT Act”). Besides the increment of the VAT rate, there are other notable amendments to the VAT Act which will significantly impact the business landscape in Nigeria.
Source: Mondaq
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