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

More Articles

Search

Connect With Us

Got any questions?

If you are having any questions, please feel free to ask.

Send us an email

Frequently Asked

  • What additional documents do I require to file my Annual Returns?
  • 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.

  • 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
  • Is there a penalty for late renewal of registration of products with NAFDAC?

    Yes, there is a late renewal fee, which is dependent on the category of the product.

  • What is classified as personal data?

    Name, photograph, personal health/bio information, account/financial information, phone number, Address, date of birth, place of birth, Email address, etc.

  • 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 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.

  • 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.

Call Us Now on +234 901 719 0079 Chat on WhatsApp