Nigeria plans VAT rate rise to 10%

The Nigerian Federal Inland Revenue has confirmed plans to double the Nigerian VAT rate from 5% to 10% this year.

The rise is seen as necessary to cope with the fall in world oil prices, which have fallen by over 100% to below $50 per barrel in the last 14 months.

The rise is seen as necessary to cope with the fall in world oil prices, which have fallen by over 100% to around $50 per barrel in the last 14 months. Oil tax revenues account for 70% of the country’s revenues, and even more from a foreign exchange earning prospective.

Click for free Nigerian VAT info