DAILY LAW TIPS by Onyekachi Umah,Esq. (Tip 141)
“Value Added Tax (VAT); Who Pays and Who Collects.”
Value Added Tax (VAT) is an indirect tax paid to Federal government of Nigeria on certain specified consumed goods and services. It is payable by the final consumer of such VATable goods or service. It is presently calculated at 5% of final value of VATable goods and services.
It is payable to Federal government of Nigeria, only. Businesses, companies, individuals, partnerships and business names located in any part of Nigeria that deals on VATable goods and services are to charge VAT on them, receive VAT from consumers and then remit such to Federal Inland Revenue Services(FIRS) every month.
My authorities are sections 4, 8, 12, 14 and 15 of the Value Added Tax Act.
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