A Reliable provider of timely Accounts, Financial and Taxation Outsourcing Services
VALUE ADDED TAX –VAT
- Registration of the Company with FIRS for VAT purposes
- Preparing and filing its monthly VAT returns with the relevant local VAT office
- Representing Company at routine VAT audits and attending to any queries that may arise
- Providing VAT advisory service
Value Added Tax is the tax payable on supply of taxable goods and services. Businesses (even individuals) usually pay VAT when they buy goods and services and charge VAT on goods and services they sell.At the end of a given period (usually monthly) businesses will be required to file their VAT returns to the Federal Inland Revenue Service.
This is done by comparing the amount of VAT paid on goods and services purchased(known as input VAT) with the amount charged on goods and services sold (known as output VAT).The net amount in the period is the amount to be remitted to the Revenue
The Nigeria Finance act 2019 signed on 13th Jan 2020 increases the VAT rate from 5% to 7.5%
