Now that Britain has voted to leave the EU, analysts are trying to figure out the implications of Brexit for not only the UK/EU but the global economy. This decision will also impact tax especially in the UE and UK.

Here in Nigeria, a proposed amendment to the VAT legislation that will have a significant impact has been passed by the House of Representatives. The Amendment Bill seeks a significant upward review of all the fines and penalties contained in the Value Added Tax Act.

While penalties ranged between NGN2,000 and NGN30,000 under the current Act, in the Bill the range of penalties is between NGN25,000 and NGN200,000. For tax evasion the Bill proposes an increase in prison sentences from a term 'not exceeding' 3 years to a term 'not less than' 3 years.

Read our alert to find out more Download PwC Tax Alert_ Highlights of VAT Amendment Bill 2015

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