President confirms new 15% VAT on luxury items proposal A bill has been presented to the Nigerian National Assembly to impose a 15% VAT rate on luxury items. There has been reports (see below) of a rise in the standard rate of 7.5% to 10%.
FIRS to implement B2B and B2C e-invoicing platform to double VAT revenues The Nigerian tax authority, Federal Inland Revenue Service (FIRS) has reconfirmed its intention to introduce mandatory e-invoicing. This is part of its 2024 Emerging Tax Matters review. This will include a new “FIRS
Federal government proposal to hike VAT from 7.5% to 10% will be phased The proposed 2.5% VAT increase in Nigeria is likely to be phased in according to the Presidential Tax and Fiscal Policy Reforms Committee. This follows a call by the Minster of Finance
Simplified VAT compliance for foreign e-services and goods sellers & marketplaces Nigeria’s Federal Inland Revenue Service (FIRS) has delayed start date for non-resident businesses to register for the supplies of e-commerce goods through digital platforms. The plan had been a 1 January 2024 start date.
Delays in agreement on OECD Pillar 1 global tax reallocation rights prompts Nigeria to act unilaterally Nigeria has become one of the few countries to comply with the OECD 137-country agreement to renegotiate global taxing rights, and has acted unilaterally at the start of 2022
Banking system pre-clearance on mandated import export electronic invoicing to fight fraud From 1 February 2022, imports or exports of goods from Nigeria must include a pre-clearance of an electronic invoice. Invoices must be submitted to any Authorised Dealer Bank for certification on the Trade
