The Value Added Tax Act (VATA or the Law), 2007 governs the administration of VAT in Nigeria. VAT is levied at each stage of the production chain at 5% of the value of the taxable good or service supplied, but it is eventually borne by the final consumer, being a consumption tax. The VATA contains […] Source: Accounting for VAT in Nigeria – cash or accrual basis? — Features — Breaking News, Nigeria News and World News – The Guardian Nigeria
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