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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

VP Global Indirect Tax
Richard Asquith
VP Global Indirect Tax Richard Asquith
Richard Asquith is VP Global Indirect Tax at Avalara, helping businesses understand their compliance obligations as they grow globally. He is part of the European leadership team which won International Tax Review's 2020 Tax Technology Firm of the Year. Richard trained as an accountant with KPMG in the UK, and went on to work in Hungary, Russia and France with EY.
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