- VAT is a consumption tax imposed on the value of taxable goods and services in Nigeria.
- Non-resident persons must include Nigerian VAT on their invoices to Nigerian customers.
- The tax rate is 7.5% on the value of all goods and services, except for those listed under Part III of the VAT Act.
- VAT is administered by the Federal Inland Revenue Service (FIRS).
- A tax invoice is issued for the taxable supply of goods and services and contains specific details.
- The time of supply for goods and services is clarified for connected and unrelated parties.
- Failure to issue a tax invoice can result in stiff penalties.
- VAT accounting and record-keeping requirements are outlined in the VAT Act.
Source: africataxreview.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
