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

  • When are Annual Returns due for filing?

    A company’s first Annual Returns are due for filing after 18 months of its inception, subsequently it should be filed annually as the name implies. The filing dates could differ for each company depending on their financial year end but must be filed not later than 42 days after its Annual General Meeting.

    The Annual Returns for Business Names is due not later than the 30th of June each year except in the year the business was registered.
  • Do I need a Company Secretary?

    A limited liability company (LLC) must not have a company secretary.
  • What is an execution clause in a contract?

    This is the section in which the parties sign the contract or 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.
  • Is my copyright registration in Nigeria protected globally?

    The nature of copyright is territorial, so the copyright work is only protected in the country of registration
  • What will happen if I buy the wrong category of forms with NAFDAC?

    Nothing, the purchased form will be in your account for future use.

     
  • Why do i need a Shareholders Agreement?

    You need a Shareholders Agreement to protect your investment in a company.  The shareholders Agreement establishes a fair relationship between all shareholders and sets out how the company is run.
  • Will my trademark registration in Nigeria protect me worldwide?

    No, all intellectual property (IP) rights which includes trademarks are territorial, which means you are protected in the countries in which you register them.
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