Nigeria Introduces New VAT Rules to Boost Growth of Small Companies
Nigeria introduced a series of amended tax laws, including new value-added tax rates, according to a Jan. 31 report from the Hong Kong Trade Development Council. The changes, which were introduced Jan. 13, will increase VATs on certain companies from…
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5 percent to 7.5 percent, the report said, but will reduce VATs and other taxes on smaller firms. In addition, companies with “an annual turnover” of less than $69,180 will be exempt from VATs. The changes are aimed at stimulating growth of small and medium-sized companies, the report said.