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 are the terms of a contract?
    • an offer and an acceptance.
    • competent parties
    • Consideration
    • Legal subject matter
    • Mutual agreement/ Assent
    • Conesus ad idem
    • Obligation
  • What are the penalties for not registering my products with the SON?
      1. Seizure of goods by the Inspectorate and Compliance Directorate
      2. Payment of a fine.
      3. Prosecution

     
  • What is personal data?

    This is any information that can be used to identify an identifiable human person such passport photograph.
  • What is eligible for Patent registration?

    Patents are granted for the invention of products or processes. However, for it to be patentable, the invention

    • Must be new,
    • Must have an inventive step that is not obvious to someone with knowledge and experience in the subject,
    • Must be capable of being made or used in some kind of industry and not be, a scientific or mathematical discovery, theory or method, a literary, dramatic, musical or artistic work, a way of performing a mental act, playing a game or doing business, the presentation of information, or some computer programs, an animal or plant variety, a method of medical treatment or diagnosis,
    • And must not be against public policy or morality.
  • Do I have to physically drop off my product sample at NAFDAC office?

    No, you can choose to have it sent to NAFDAC office
  • What is the first thing I must do to register a business in Nigeria?

    To register a business in Nigeria; you would need to conduct a name search of the business. You can achieve this using your CAC-CRP account.
  • Does a trademark search automatically reserve my trademark name?

    No, a trademark search does not automatically reserve that which is sought to be trademarked. A search ascertains whether that which is sought to be trademarked is available or violates any existing trademark.
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