EU Criticizes Nigeria’s Low VAT Rate, Calls for Tax Reform and Transparency in Administration

• EU declares Nigeria’s VAT rate of 7.5% as low and inefficient
• VAT administration lacks transparency, making compliance difficult for SMEs
• Standard VAT rate hindering revenue generation
• Need for a robust system to attract investment
• Frustrations with sudden policy changes, such as the expatriate levy
• Emphasis on combating tax evasion, including transfer pricing schemes
• Calls for streamlining taxes in the country for ease of administration

Source: vanguardngr.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.

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