5 Major Developments in Nigeria

5 Major Developments in Nigeria

• Nigeria: Obligation of cross-border electronic invoicing through the Central Bank of Nigeria
• Guidelines on withholding of and self-accounting for VAT
• FG Generates N631.09bn Tax from IT Sector, says NBS
• ECOWAS Decries Low VAT Contribution to Tax Revenue
• Finance Minister Pushes for VAT Increase

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Customs

• ECOWAS Decries Low VAT Contribution to Tax Revenue                              

• FIRS, Customs take N23.494bn cost of revenue collection for January

Digital Services Tax

• FG Generates N631.09bn Tax from IT Sector, says NBS

E-Invoicing

• Nigeria: Obligation of cross-border electronic invoicing through the Central Bank of Nigeria

• Cross-border e-Invoicing via the Central Bank of Nigeria

Fraud / Tax Evasion

• IMF questions Nigeria’s VAT collection efficiency

Legislative Change

• Expected changes to VAT law in 2023

• Developments in Nigerian Tax Law 2022

Liability (Reverse Charge/Withholding)

• Guidelines on withholding of and self-accounting for VAT

Rate

• Buhari’s Finance Minister Asks Tibubu’s Govert to Raise VAT to 10%

• Finance Minister Pushes for VAT Increase

• Deletion Of “Non-Oil Exports” From Zero Rated Goods Under The Nigerian Value Added Tax Act – A Disincentive To The Solid Mineral Sector

• Finance Minister urges incoming administration to raise VAT to 10%

Reporting / Compliance

• Nigeria Urged To Grow VAT Revenue

• KPMG Week in Tax: 20 – 24 March 2023

• FG earns N10tn in VAT under Buhari’s Government

• ECOWAS Decries Low VAT Contribution to Tax Revenue

• Company Income Tax Drops 6.9% as VAT Climbs 11.5%

• FG Generates N631.09bn Tax from IT Sector, says NBS

• VAT for Q4 2022 stood at N697.38bn — NBS

• More on the FIRS’ appointment of Telcos and banks to withhold VAT

Tax Authorities / Penalties

• KPMG Week in Tax: 13 – 17 March 2023

• IMF questions Nigeria’s VAT collection efficiency

• FG, States, LGs share N750.174bn January allocation

• Nigerian govt generates N625 billion VAT in Q3 2022 – NBS

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