Overview
Value Added Tax (VAT) is a consumption tax levied on goods and services in Nigeria at a rate of 7.5%. All businesses registered for VAT must file returns monthly with the Federal Inland Revenue Service (FIRS).
Who Must File VAT?
Any business with annual turnover above ₦25 million is required to register for and remit VAT. Even businesses below this threshold may voluntarily register. Non-compliance attracts penalties of ₦50,000 for the first month and ₦25,000 for each subsequent month.
Conclusion
Stay on top of your VAT obligations with automated reminders and filing through Taxly.
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Tax & Compliance Experts
Our editorial team combines expertise in Nigerian tax law, CAC regulations, and business advisory to bring you practical, actionable content.