- Nigeria has set up an Inter-Ministerial Committee to draft the 2026 VAT Modification Order within six weeks.
- The committee will align VAT rules with the Tax Reform Acts effective January 1, 2026, and review VAT laws, administration, and policy.
- It must revise VAT-exempt and zero-rated items under the Nigeria Tax Act, 2025, using HS codes and balancing revenue, social impact, and regional commitments.
- The goal is to remove ambiguities, improve compliance, reduce uncertainty, protect vulnerable groups, and support sectors like industry, exports, food security, innovation, and energy transition.
- The committee includes government agencies, industry groups, and tax stakeholders, and must submit the draft order, guidelines, schedules, and reports in six weeks.
Source: thecable.ng
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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