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ARTICLE · 09 SEPTEMBER 2021

Lagos State Government Presents State VAT Bill

KPMG in Nigeria
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The Lagos State Government, today, 8 September 2021 presented the State Value Added Tax (VAT) Bill, 2021 ("the Bill") at a stakeholders meeting organized by the House of Assembly ("the House") ...

NigeriaTax
Wole Obayomi
Wole Obayomi

The Lagos State Government, today, 8 September 2021 presented the State Value Added Tax (VAT) Bill, 2021 ("the Bill") at a stakeholders meeting organized by the House of Assembly ("the House") through its Committee on Finance.  The presentation of the Bill follows the Federal Inland Revenue Service (FIRS)' failure to obtain a stay of execution of the judgment of the Federal High Court (FHC) nullifying the VAT Act Cap V1, LFN 2004 in Attorney General for Rivers State and FIRS & Attorney General of the Federation.

We have highlighted some key provisions of the Bill below:

  • VAT to be charged at the rate of 6% on taxable supplies of goods and services, other than those expressly exempted or designated as zero rated in the Schedules to the Bill.

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