Browsing: Taxing Nigeria

The Finance Bill, that became law as of February 1, 2020, among other things, increased the Value Added Tax (VAT) rate from 5% to 7.5%. The additional revenue is intended to fund healthcare, education and infrastructure. To mitigate the impact of the VAT rate increase, the Government expanded the list of VAT-exempt items to include staples such as bread,cereals, all kinds of fish, flour and starch meals;fruits, nuts, pulses and vegetables,root vegetables, meat and poultry products,milk,salt and herbs, and natural water and table water.

The Bill is also not intended to be a ‘one-off’ documen...

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