Category: Taxation


Provisions of Finance Act, 2019 on Registration as a VAT Collection Agent

#TaxNuggets by Victor Osolake & Co. Sections 8 and 32 of Value Added Tax Act, CAP V1, LFN 2004 provided that every taxable person shall register under the Act within six months of commencement of business and that failure to do that will result in: a) a penalty of N10,000Read More

Case for Prompt Rendering of VAT Returns at Due Dates – Finance Act 2019

The Finance Bill signed into an Act by President Muhammadu Buhari on Monday 13 January 2020, made sweeping changes to the nation’s tax laws. With particular reference to value added tax, aside the known increase in VAT rate from 5% to 7.5%, there are other changes significant enough that couldRead More

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