Nigeria VAT update
- Nov 9, 2019 | Richard Asquith
The Nigerian Finance Bill was progressed to the next stage of its parliamentary review. It includes the following measures, which come into effect at the start of 2020.
- VAT rate rises from 5% to 7.5%
- Intangibles property becomes liable to VAT
- Extending the exempt status to basic foodstuffs
- Introducing a NGN 25million VAT registration threshold
- Raising infringement penalties