When a person supplies taxable goods and services, the value added tax rate in Nigeria is 7.5% except for zero-rated and exempt items. The Finance Act 2019 contains changes to several provisions of the VAT Act, including exempt items in…
Federal Inland Revenue Service (FIRS) has issued an information circular to clarify the amendments to the Value Added Tax (VAT) Act 2004 in the Finance Act 2019. The circular covers nine (9) sections. 1. Revised definition of goods and services…
Nigerian President has approved the waiver of Value Added Tax (VAT) and import duty for essential medical equipment and supplies. It takes effect from May 1, 2020, and is valid for an initial period of six months. Items that can…
The Federal Inland Revenue Service (FIRS) is about to launch an automated VAT filing and collection system for branded shops, superstores, general supermarkets, standard restaurants and eateries in Nigeria. Effective from 1 April 2020, the electronic VAT platform (VATrac) will be the…
To clear the air on the implementation of the Finance Act 2019, the Federal Inland Revenue Service (FIRS) has joined the conversation! Recall that the Nigerian President signed the Finance Act into law on 13 January 2020 while the Finance…
On 24 June 2019, the Court of Appeal (CoA), supported the ruling of the Federal High Court (FHC), in Vodacom Business Nigeria Limited (Vodacom) and Federal Inland Revenue Service (FIRS) on the issue of value-added tax (VAT) on imported services…
In our daily lives, we usually come across people who sell goods and services to buyers at a price. The volume of sales could be on a small, medium, or even on a large scale. If you purchase an item…
The Federal High Court, Lagos (“FHC”) has revoked the decision of the Tax Appeal Tribunal (“TAT”) in Gazprom Oil and Gas Nigeria Limited (Gazprom) v. Federal Inland Revenue Service (FIRS) relating to services which Gazprom received from a non-resident company.…
