Nigeria Considers Doubling VAT Rate to 15% by 2030: Legislative Proposal

• Nigerian lawmakers are considering doubling the VAT rate from 7.5% to 15% by 2030
• The first hike to 10% is planned for the 2025 year of assessment, with another increase to 12.5% in 2026
• The VAT rate hikes would fund reductions in the corporate tax rate from 30% to 25%
• A domestic minimum top-up tax under the OECD’s Pillar Two framework is also being considered to ensure multinational enterprises pay at least 15% corporate tax on their profits

Source: answerconnect.cch.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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