- VAT is a tax on the supply of goods and services in Nigeria
- VAT was introduced in Nigeria in 1994 and is the fastest-rising tax revenue source
- VAT is charged and collected at each stage of the supply chain
- The standard VAT rate in Nigeria is 7.5%
- Some goods and services are VAT exempt
- VAT funds public services and infrastructure
- A VATable person is someone who supplies taxable goods and services in Nigeria
- The Federal Inland Revenue Service is in charge of the administration of VAT in Nigeria
Source: withinnigeria.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.
