Nigeria VAT rise to 7.5% 1 Feb 2020
- Jan 27, 2020 | Richard Asquith
Nigeria has confirmed the delayed VAT increase from 5% to 7.5% will go ahead on 1 February 2020. It had been scheduled for 1 January 2020. A VAT threshold is being introduced at the same time for NGN 25million annual sales.
In addition, sales of electronic services to Nigerian consumers by non-resident companies will be liable to VAT.
An income withholding tax will be imposed on foreign companies for professional and consulting services provided to Nigerians.