It is another edition of “A Stitch In Tax Saves Cash”. This edition looks at VAT and the Reverse Charge Mechanism in Nigeria with highlights on: – Understanding the Reverse Charge Mechanism – Legal Basis of Reverse Charge and Self-Account for VAT in Nigeria – Non-Resident Companies and VAT Registration in Nigeria Read and let’s discuss your questions and contributions.
As introduction, Value Added Tax (VAT) is a consumption tax imposed on the value of the supply of taxable goods and services produced and consumed in Nigeria. The Finance Act (FA)2020 generally defines taxable supplies of goods and services as supplies received and consumed by a person in Nigeria, regardless of the location of the supplier. Such non-resident persons are required to include Nigerian VAT on their invoices to Nigerian customers.
Read and let’s discuss your questions and contributions.
VAT and the Reverse Charge Mechanism in Nigeria
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