By Abdulateef Olatunji ABDULRAZAQ
Section 2 of the Value Added Tax(VAT) Act, Cap. V1, LFN 2004 (as amended) imposes tax on the supply of all goods and services in Nigeria other than those goods and services listed in the First Schedule to the Act. Part 2 of the First Schedule to the Act exempts services rendered by microfinance banks, peoples’ banks and mortgage institutions from VAT. Accordingly, all other financial institutions are required to charge VAT on their services.