Value Added Tax (VAT) Registration in Nigeria

Value Added Tax (VAT) Registration in Nigeria

August 04, 2022

This is a tax imposed on the supply of goods and services, under the Nigerian Tax law, VAT is fixed at 7.5% of the value of the taxable goods and services.

Section 8 of the Value Added Tax Law, which was amended by the Finance Act 2020, states that a taxable person shall upon commencement of business register with the FIRS (federal Inland Revenue Service) and failure to register within the specified period shall be liable to pay N50, 000 (Fifty Thousand Naira) for the first month and N25, 000 (Twenty Five Thousand Naira) for the subsequent months of default.

The requirements for the registration of a limited liability company includes;

  1. The Memorandum and Articles of Association of the company.
  2. Certificate of Incorporation, CAC2 and CAC 7A (Incorporation documents).
  3. Duly completed and stamped VAT registration form.
  4. Utility Bill.
  5. Application letter on Company’s Letterhead.

 

For Business Names the following documents are required:

  • Business Name registration certificate.
  • Duly completed and stamped VAT registration Form.
  • Utility Bill.
  • Application letter on Letterhead

 

 

Team 618 Bees

 

618 Bees can quickly and easily help you register for VAT and obtain your certificate. Log on to our website www.618bees.com or email hello@618bees.com, or give us a call on +2349017190079. 618 Bees will complete your application with the Federal Inland Revenue Service (FIRS).

 

The information in this blog post (“post”) is provided for general informational purposes only, no information contained in this post should be construed as legal advice, nor is it intended to be a substitute for legal counsel on any subject matter. No reader of this post should act or refrain from acting on the basis of any information included in, or accessible through this post without seeking the appropriate legal or professional advice from the particular facts and circumstances at issue from a lawyer. This post is protected by intellectual property law and regulations. It may however be shared using appropriate sharing tools provided that our authorship is always acknowledged and this Disclaimer Notice attached

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Frequently Asked

  • What additional documents do I require to file my Annual Returns?
  • What’s the difference between a business name and an LLC?

    • A business name is a sole proprietorship, usually owned and managed by one individual only. Legally, the sole proprietor and his business are one. It simply means an individual trading with an alias. The sole proprietor is personally liable for all business related obligations.

    • A limited liability company on the other hand is a separate business entity from the individuals that hold its shares and act as directors. Legally, it’s a separate business entity and a person on its own who can transact business, own property separate from its owners and can sue or be sued. 
  • What is a testimonium clause in an agreement?

    This is the part of the agreement where the witness attests to have witnessed the execution of the agreement.
  • What is SON?

    SON stands for ‘Standards Organization of Nigeria’
  • Can I use the data collected legally for one purpose for another purpose?

    No, you can’t use the data collected for one purpose for a different purpose.
  • Can an industrial design be sold?

    An industrial design is a company asset and the right to sell is in the hands of the registered owner.
  • What are the product categories available when registering with NAFDAC?

    The product categories include: Food, Cosmetics, Drug, Medical Device, Agro-Chemicals & Pesticide, Veterinary Products, Vaccines & Biologicals, Herbal and Nutraceuticals and Water
  • Can my kids be shareholders in my company?

    Yes your kids can hold shares in your company but there must be a minimum of two adult shareholders before kids can be included.
  • How long does a trademark registration in Nigeria Last?

    Trademark is valid for seven years from the date of application but you may renew the application for the trademark for an additional period of 14years.
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