5 Major Developments in Nigeria

5 Major Developments in Nigeria

• National Assembly Passes Finance Bill 2022
• Greater Transparency Needed From Nigerian Government on Extending VAT
• Payment Of Value Added Tax In Nigeria: New Collection Agents
• IMF Advises Nigerian Government to Increase VAT to 15%
• Nigeria Appoints Certain Companies to Withhold VAT

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Customs

• Customs’ tax waivers rise to N2.3tn

Digital Services Tax

• Tax on phone calls

E-Commerce / Electronic services

• National Assembly Passes Finance Bill 2022

• Guideline on VAT requirements of non-resident digital service suppliers

Environmental Tax

• VAT and its effect on the uptake of renewable energy products

Excise

• Suspension of 5% Excise Duty, Respite for Telecom Subscribers, Says ALTON

• Nigeria’s Imposition of Excise Tax on Phone Calls, Text Messages and Data Usage – Implications on Businesses

Fraud / Tax evasion

• Nigeria Appoints Certain Companies to Withhold VAT

Implementation / Reform

• Nigeria suspends proposed 5% telecom tax

• Nigeria Suspends Implementation of 5% Excise Duty on Telecommunications Services

Liability (Reverse Charge/Withholding)

• Telecoms MTN; Airtel; and all money deposit banks appointed withhold or collect VAT

• Payment Of Value Added Tax In Nigeria: New Collection Agents

• Some companies are appointed to withhold or collect VAT charged on all taxable supplies made to them

• Nigeria Appoints Certain Companies to Withhold VAT

Rate

• IMF Recommends 15% VAT Rate To Nigeria, Other Economic Reforms

• Experts fault IMF’s recommendation to raise VAT by 100 percent

• IMF Advises Nigerian Government to Increase VAT to 15%

Refund

• Appointment of VAT collection agents

Reporting / Compliance

• Greater Transparency Needed From Nigerian Government on Extending VAT

SME (Small and Medium-Sized Enterprises)

• Startup Act 2022 Signed into Law Including Tax Incentives

Supply of Services

• FIRS appoints MTN, Airtel, banks to collect VAT

• VAT affirmed as the principal tax on goods and services in hotels

Taxable Person

• Payment Of Value Added Tax In Nigeria: New Collection Agents

Taxable Transaction

• Direct collection of taxes from online gaming transactions

Tax Authorities / Penalties

• Appointment of VAT collection agents

• FIRS new VAT policy turns telcos to tax collectors. What it means

• Court of Appeal confirms VAT as the principal tax on goods and services in hotels, restaurants and event centres

• Startup Act 2022 Signed into Law Including Tax Incentives

• Govt to Ramp Up Tax Collection, Eyes N9trn in 3yrs

• Wike urges Supreme Court to expedite VAT suit

• Nigeria earns N1.19 trillion from VAT in six months

• Nigeria records N600.15 billion from VAT in Q2 2022

• FG to squeeze more taxes from Nigerians in 2023, expands collection agents

• Limited tax base cramps Nigeria’s revenue

• Is VAT A Federal or State Tax?