The Federal Inland Revenue Service issued a notice announcing automation of the value added tax (VAT) collection for certain sectors of the economy.
The automated VAT platform—VATrac—is intended to provide for efficient and seamless collection and remittance of VAT in the wholesale and retail sector and to allow for direct audit and reconciliation of all VAT transactions. Businesses eligible to participate include:
VATrac is effective 1 April 2020, and will be the only approved channel for the submission of VAT returns and payment of VAT due.
Read a March 2020 report [PDF 139 KB] prepared by the KPMG member firm in Nigeria
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