The Finance Act (FA) 2019 introduced significant amendments to
the Value Added Tax Act (VATA). The FIRS circular seeks to provide
guidance on how the FIRS intends to implement the VAT
amendments.
In this publication, we examine some of the matters clarified in
the FIRS circular, including:
- 1.Definition of goods and
services;
- 2.Transition to the new VAT
rate,
- 3.VAT registration and
deregistration;
- 4.Self accounting for VAT;
- 5.Registration by non-residents;
- 6.Introduction of VAT threshold;
- 7.Business reorganisation;
- 8.Exported service;
- 9.Penalty regime; and
- 10.Status of the information
circular.
Our Tax Alert and a copy of the FIRS Information Circular are
below for further details:
