13 Feb

VALUE ADDED TAX ON IMPORTED SERVICES (FACTS YOU NEED TO KNOW)-VOL3

Introduction

Imported Services are performed when a Nigerian company acquires services from a Non-Nigerian Company and those services are utilized or consumed in Nigeria. Meanwhile, Value Added Tax (VAT) is a consumption tax charged at the rate of 5% on all the supplies of goods and services other than those exempted by the First Schedule to the VAT (Amendment) Act 2007

What does the law say?

The position of the law is that VAT is chargeable on all goods and services other than those listed under the First Schedule of the VAT Act