Simplified VAT Compliance Guidelines for Non-Resident Suppliers: An Overview

The Finance Act of 2020 brought amendments to the Value Added Tax Act (VATA), specifically focusing on non-resident suppliers (NRS) making taxable supplies to Nigeria. Section 10 of VATA mandates registration and Tax Identification Number (TIN) acquisition for non-resident suppliers. The Federal Inland Revenue Service (FIRS) has issued comprehensive guidelines, effective from January 1, 2022, for services and January 1, 2024, for goods, to streamline VAT compliance for NRS. Key Provisions and Procedures These guidelines aim to streamline VAT compliance for non-resident suppliers, ensuring transparency and adherence to Nigerian tax regulations. For professional advice on Accountancy, Transfer Pricing, Tax, Assurance, Outsourcing, online accounting support, Company Registration, and CAC matters, please contact Sunmola David & CO (Chartered Accountants & Tax Practitioners) at Lagos, Ogun state Nigeria offices, www.sunmoladavid.com. You can also reach us via WhatsApp at +2348038460036.