October 21, 2021

The Administration of Value Added Tax in Nigeria: State Governments versus Federal Government

Value Added Tax (VAT) is a consumption tax payable on goods and services in Nigeria except those specifically exempted by the VAT Act. The Finance Act 2019 amended the VAT Act by increasing the current VAT rate to 7.5% from the 5% stated in the VAT Act, as amended in 2007. By virtue of Section 7 of the VAT Act, the administration of VAT is vested in the Federal Board of inland Revenue, now the Federal Inland Revenue Service (FIRS), which acts as a Federal Tax Agency.
June 21, 2020

Registering Your Business

When you eventually decide to register a business for that brilliant idea, one of the first questions likely to pop up in your mind is “how do I really get started?” In getting started, you are likely to wonder how to package the venture so that it wins the acceptance of relevant stakeholders.