Value Added Tax
NGN 15,000.0
10 days
Tax Returns
Description
Information about the compliance service
Value Added Tax is a consumption tax paid when goods are purchased and services rendered. It is a multi-stage tax. VAT is borne by the final consumer. All goods and services (produced within or imported into the country) are taxable except those specifically exempted by the VAT Act. VAT is charged at a rate of 7.5%. Some goods and services such as non-oil exports are zero rated. All taxable persons are required to file VAT monthly returns not later than the 21st day following the month of transaction.
Requirements
Info and documents needed for this service
- Tax Identification Number (TIN)
- Registration for VAT with FIRS.
- VAT invoices.
- VAT receipts.
- VAT computation sheet.
- Financial statements.
- Pay any outstanding VAT liability.
Process
Steps involved in this compliance service
- Provide the necessary documents.
- Fill the applicable form.
FAQs
Frequently asked questions about this service
1. Who pays VAT?
Consumers, businesses and self-employed individuals.
2. Who must register for VAT?
2. Who must register for VAT?
Businesses with annual turnover above N5 million.