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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