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:
Originally published 5 May, 2020
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.