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The current VAT derivation model attributes VAT to the state of remittance, usually the head office location.
Contrary to some trending misinformation, the proposed model seeks to ensure fairness by attributing VAT to the location of supply and consumption as indicated under S.22(12) of the Nigeria Tax Administration Bill which states that:
“For the purpose of attribution, any return under this section shall provide details of derivation of taxable supplies by location ...”
Watch this short video for more context https://bit.ly/48LIVBN?twclid=2-10jb417vccavy7yqc8pechnn1 or the full v...
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Taiwo Oyedele
@taiwoyedele
Tax Reform Bills - 10 Most Frequently Asked Questions
It is not unusual for a major reform such as this to elicit keen interest from all stakeholders. This development is necessary to achieve the best outcomes that benefits all as it provides an opportunity for further engagements which is healthy for the system.
In this regard, we have collated the most frequently asked questions about the tax reform bills to better inform all stakeholders and address some misleading analyses in circulation.
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