- The Nigerian Federal Inland Revenue Service has postponed the implementation of the Guidelines on Simplified Compliance Regime on Value Added Tax.
- The postponement affects non-resident providers of goods through electronic, digital, or similar platforms to an address in Nigeria.
- Providers of goods worth USD25,000 in a 12-month period are required to register for VAT, account for VAT, and remit this VAT to the FIRS.
- The regime was supposed to be implemented from January 1, 2024, but a new implementation date has not been set yet.
- The postponement is to allow the agency to establish the necessary processes.
- The guidelines outline registration and collection obligations for non-resident providers supplying goods to a Nigerian address.
- VAT will not be collected on entry to Nigeria if it is already charged by non-resident providers.
- Obligations include issuing electronic tax invoices, filing monthly returns, and submitting records upon request.
Source: answerconnect.cch.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
