1 FEDERAL INLAND REVENUE SERVICE INFORMATION NO: 9304 CIRCULAR DATE: 20 th August, 1993 SUBJECT: VALUE ADDED TAX (VAT) This circular aims primarily at providing the basic information to enlighten members of the public, the press and all operators of the new tax (VAT). This is to facilitate the successful implementation of the new scheme. This general information circular is merely a forerunner of other relevant publications to follow. There will be other guide, pamphlets, leaflets, and bulletin to address specific areas of relevant to the operation of VAT. HIGHLIGHTS Here are 10 key facts which will help you to understand the implementation of VAT in Nigeria. (i) VAT is a tax on spending. The tax is borne by the final consumer of goods and services because it is included in the price paid. (ii) The tax is at a flat rate of 5%. (iii) The tax is collected on behalf of the Government by businesses and organizations which have registered with the Federal Inland Revenue Services (FIRS) for VAT purposes, (iv) A business or organization which has registered for VAT is classified as a registered person. Such persons will pay 5% VAT on goods and services purchases but can claim credit for this tax (called input tax) when sold. (iv) 5% VAT (called output tax) is included in the price of all goods and services supplied by registered persons. (vi) The registered person has to make regular VAT returns and either pays to, or receives from the FIRS, the difference of the input tax and the output tax. Paragraph 10 shows you how to complete VAT returns. (vii) VAT returns (and payments) are normally made monthly to the FIRS Integrated Tax Office on or before 21 st day of the month next following that in which the supply was made. (viii) To claim a credit for input tax, a registered person must hold a Tax Invoice. (ix) Records and accounts have to be kept. (x) FIRS Integrated Tax Offices provides a free Information and advisory services to help you with VAT. Contact any Integrated Tax Office (ITO) nearest to you. This guide is based on the provisions of the Value Added Tax (VAT) Act, 1993
2 1. Introduction. The idea of introducing VAT in Nigeria came from the Study Group set up by the Federal Government in 1991 to review the entire Tax system. VAT was proposed and a Committee was set up to carry out feasibility studies on its implementation. In January, 1993, Government agreed to introduce VAT by the middle of the year. It was later shifted to 1 st September, 1993 by which time the relevant legislation would have been made and proper ground work done. VAT is a replacement of the existing Sales Tax which has been in operation under Federal Government legislated Decree No.7 of 1986 but is operated on the basis of residence. 2. VAT as Replacement To Sales Tax. The rationale behind replacing Sales Tax with Value Added Tax is informed by a number of factors and considerations, notably: (i) The base of the Sales Tax in Nigeria as operated under Decree No. 7 of 1986 is narrow. It covers only nine categories of goods plus sales and services in registered hotels, motels and similar establishments. The narrow base of the tax negates the fundamental principle of consumption tax which by nature is expected to cut across all consumable goods and services. VAT base is broader and includes most professional services and banking transactions which are high profit-generating sectors. (ii) Only locally manufactured goods were targeted by the Sales Tax Decree of 1986, although this might not have been the intention of the law. VAT is neutral in this regard. Under VAT; a consideration part of the tax to be realized is from imported goods. This means that under the new VAT; locally manufactures goods will not be places at a disadvantage relative to imports. (iii) Since VAT is based on the general consumption behaviour of the people, the expected high yield from it will boost the fortunes of the state governments with minimum resistance from the payers of the tax.
4 3. The Nature of VAT. Value Added Tax is a consumption tax that has been embraced by many countries worldwide. Because it is a consumption tax, it is relatively easy to administer and difficult to evade. The yield from VAT is a fairly accurate measurement of the growth of an economy since purchasing power (which determine yield) increases with economic growth. VAT is a selfassessment tax that is paid when returns are being rendered. In-built in the new tax is the refund or credit mechanism which eliminates the cascading effect that is a feature of the retail sales tax. The input-output tax mechanism in VAT also makes it self-policing. In essence, it is the Output tax less Input Tax that constitutes the VAT payable. It is the equivalent of the VAT paid by the final consumer of the product that will be collected by the government. Although VAT is a multiple stage tax, it has a single effect and does not add more than the specified rate to the consumer price no matte the number of stages at which the tax is paid. Illustration: If a product moves from Raw Materials Producer (A) to Manufacturer (B) at N1, then to wholesale (C) at N1,500.00, then to Retailer (D) at N2,000.00; and finally to the consumer who pays N2,500 to the Retailer, VAT payable to government at 5% rate of VAT on the product is as follows: VATable Sales VAT VAT on Inputs VAT paid Person Price Collected (Input Tax) to government (Output VAT) N A 1, B 1, C 2, D 2, Thus, the VAT paid to government in the four transactions if N125 which is 5% of the final consumer price of N2,500 (see figure 1). 4. Administration and Policy The VAT system in Nigeria is administered by the Federal Inland Revenue Service (FIRS). The FIRS Integrated Tax Offices (ITO) is located throughout the Federation. Although VAT is administered centrally by the Federal Government by using the existing tax machinery of the FIRS in close co-operation with the Nigeria Customs Service (NCS) and the State Internal Revenue Services (SIRS), the net proceeds from the new tax accrue solely to the State Governments after making an allowance of 20% to cover the cost of
5 administration. In effect, the State governments will benefit to the tune of 80% of the entire VAT collection. Time - Table The implementation of VAT officially commences on the 1 st September, However, registered persons are given the whole of September to adjust their accounts, particularly the incorporation of VAT information in their general ledgers, in order to comply with the requirements of the tax. That means, all registered persons are to start issuing VAT invoices to their customers as from 1 st October, Registration. (i) All existing manufacturers, distributors, importers and suppliers of goods and services are to register for VAT on or before 30 th September, 1993 at the nearest Integrated Tax Offices (ITO). (ii) All manufacturers, distributors, importers and suppliers of goods and services who commence business after 1 st September, 1003 are to register for VAT payment within three months of such commencement of business. (iii) The prospective VAT payer will obtain and complete VAT Form 001 (Appendix 1(and return it to the nearest Integrated Tax Office (ITO). A permanent VAT registration number is to be given to each registered payer. 6. Supplies. (i) Definition: Supplies means any transaction whether it is the sale of goods or the performance of a service for a consideration, that is, for money or money s worth. (ii) Place of Supply: The supply of goods under Nigerian VAT has to be in Nigeria supplies made outside Nigeria are outside the scope of Nigerian VAT (iii) Imported Goods: VAT will be charged on non-exempted imported goods into Nigeria irrespective of whether or not:- the goods have to attract customs duties; and the person importing the goods is registered for VAT The VAT chargeable is in addition to customs duties and other charges that may be done. The value of such imported goods includes all the duties and charges that may be made. (iv) Imported Service: VAT is payable on services received from outside Nigeria if such services are supplied to a Nigerian customer.
6 (v) Exported Goods: All exported goods are zero-rated, that is, such goods are VATable but at zero percent. This means that no VAT is collected from the foreign buyer and at the same time any input tax is refundable. 7. Goods and Services Covered by VAT. At the moment, there are seventeen categories of goods and twenty four categories of services that are VATable. The goods and services exempted are as follows: (i) Goods Exempted (a) Medical and pharmaceutical products; (b) Basic food items; (c) Books and educational materials; (d) Newspapers and magazines (e) Baby products; (f) Commercial vehicles and their spare parts, and (g) Agricultural equipments and products and veterinary medicine; (ii) Services Exempted (a) Medical Services; (b) Services rendered by Community Banks, Peoples Banks and Mortgage Institutions; and (c) Plays and performances conducted by educational institutions as part of learning. 8. Determination of Value VAT is imposed on the value of the supply. The value of the supply will depend on the nature of consideration for supply which can be: (i) Wholly in money; In this circumstance, the value will be the price payable by the customer plus the tax chargeable. VATable Value + VAT = Consideration. (ii) Not wholly in money: That is, where payment is partly in money or without the use of money or transaction is not between related person. In all cases, the value is the open market value of the supply. 9. VATable Person. VATable person is one who trades in VATable goods and services for a consideration. Every VATable person has an obligation to register for VAT payment. The registration is to cover all the business activities of the VATable person. The person can be a sole proprietor (e.g. a
7 trader), a professional (e.g. a lawyer) a partnership (e.g. Ibrahim and Mike & Co) a Limited Liability Company (e.g. E. Afe Consultancy Ltd or T. Ade Plc); a Club or Association or a Charity. A resident of Nigeria who performs services outside Nigeria, needs to register with the Integrated Tax Office (ITO). 10. Returns A manufacturer or supplier of taxable goods or services is to render a return to the Integrated Tax Office (ITO) on or before 21 st day the month next following that in which the supply was made. Thus, every VATable person must keep records of all supplies made and received. He must also make a return on form VAT 002 (see Appendix II) He has to fill in details of supplies made and received during the period and pay the net VAT due to the Integrated Tax Office (ITO) or claim a refund if tax is owed to him. Every importer of goods into Nigeria is to render VAT returns on all imports into Nigeria to the Integrated Tax Office (ITO). The VAT returns must reach the VAT office on the due date. Importers are required to pay VAT on imports to the VAT office while compliance is to be enforced by the Nigeria Customs Service before releasing the imported goods after a certificate of compliance issued by the VAT office is presented. 11. Remittance of VAT Every VATable person is to remit to the relevant Integrated Tax Office (ITO) the net VAT payable which is the excess of the output tax over the input tax while filing the VAT return. Remittances are supposed to be made together with the VAT returns filed. In other words, the draft for a month s collection is to be submitted along with the returns. The bank certified cheque/draft should be drawn on Federal Government of Nigeria FBIR VAT Account Illustration Tax Period (i.e. period of Transaction) Due Date of Filing VAT Returns including remittances 1/09/93 30/09/93-1/10/93 21/10/93 1/10/93 31/10/93-1/11/93-21/11/93 1/11/93 30/11/93-1/12/93 21/12/93 1/12/93 31/13/93-1/01/94 21/01/94
8 12. Liability to VAT Liability to VAT arises when the output VAT is more than the input VAT. The net VAT in a tax period is the amount to be remitted to the Integrated Tax Office (ITO). (i) Output VAT: Output VAT is the VAT that is due on VATable supplies. It is derived by multiplying the tax value of the aggregate supply by the tax rate. (ii) Input VAT: The input VAT is what is charged on business purchases and expenses. These include goods and services supplied in Nigeria or imported (iii) Computation of VAT: Every VATable person is required to charge VAT on supplies. The exact amount of sales, the rate of VAT and the VAT payable would be stated (see Tax invoice as Appendix III). 13. Rate of VAT The VAT carries a single rate of 5% on all VATable goods and services. Zero rate is assumed for export while there are goods and service exempted from the tax. 14. Records and Accounts (i) Every VATable person is required to keep proper records and books of all transactions, operations, imports and activities sufficient enough to calculate the correct amount of VAT payable. These include cash book, sales and purchases day book, ledger accounts, balance sheet, among others. Specifically for VAT purposes, Tax invoice are to be issued for all supplies and VAT Account are also to be kept. (ii) Tax Invoices: Whenever a person supplies VATable goods or services to another person he must issue a Tax invoice in support of the transaction and retain a copy for him. The customer also needs the Tax invoice to support his claim for input tax. The invoices are to contain the following information:- Taxpayers Identification Number (TIN); Name, address and VAT registration number; Customer s name and address; Type of supply; A description of the goods and services supplied; Quantity of goods or extent of services; The rate of VAT; The rate of any cash discount offered; and The total VAT payable. (iii) VAT Account: The VAT account is the summary of the output and input tax in a normal ledger account form. That is, VAT on purchases, VAT on
9 services, bad debt relief etc. are debited to the account while Vat charged on sales for the month, VAT charged on service etc are credited. Where there is a credit balance, a draft is prepared and paid over to the Integrated Tax Office (ITO). Conversely, a debit balance calls for refund and would be made promptly by the FIRS after necessary verification. 15. VAT Inspection. (i) VAT Visits: From time to time, the premises of every VATable person (ii) (iii) will be visited by authorized VAT Inspectors from the Integrated Tax Office (ITO). Such visits are: To ensure compliance with the VAT legislation and registrations in all its ramifications; To ensure that full amount of VAT deducted are promptly accounted for; To examine method of recording transactions and offer suggestions where necessary; To afford the VAT payer the opportunity to ask any questions and seek clarifications as may be necessary; and To educate VAT payers on new developments in the system. VAT Tax Drive: VAT tax drives are to take place periodically at the instance of the Regional Co-ordinators. Such tax drives are to stimulate the collection of VAT from defaulters and enforce prompt remittance of VAT payable. VAT Audit and Investigation: This is to be instituted on a regular basis by the headquarters. It involves checking both the VAT officers and the VAT payers records to ensure strict compliance with the law and accountability of the VAT collected. 16. Accounting for VAT Proceeds: This will be by the process of returns and reconciliation. The following forms are used at the various stages for rendition of VAT returns:- (i) VAT FORM 003: This is the VAT return form to be completed by the Integrated Tax Office (ITO). (ii) VAT FORM 004: This is the Regional Office return of VAT collection to the Headquarters. It is a summation of the various returns from the Integrated Tax Office (ITO) in the Region (see appendix V).
10 (iii) VAT FORM 005: This form is used to render returns of VAT collection made to the Federation Account in a given period (see appendix VI) 17. Offences and penalties: There are various offences with very stiff penalties under the VAT system. Some of the offences are: (i) failure to register; (ii) failure to furnish required information; (iii) making false claims; (iv) (v) obstructing VAT inspectors; and failure to submit returns. These offences carry penalties ranging from fines of up to N10,000 to various terms of imprisonment. In some cases the fines or penalties depend on the amount of evasion involved. The law is even more strict in dealing with officers of the Board. Any officer of the Board who aids or abets the commission of any of the offences under the VAT law will be liable to a fine of N50, and/or imprisonment for five years. 18. Any further information or clarifications should be addressed to: Office of the Chairman Federal Inland Revenue Service P.M.B. 33, Garki Abuja Tel: (09) Fax: (09) OR P.M.B , Federal Secretariat, 1 st Ikoyi, Lagos. Phase,
11 APPENDIX 1 FORM VAT 001 NIGERIA FEDERAL INLAND REVENUE SERVICE...ITO STATE VAT REGISTRATION FORM PART A To be completed by all VATable persons for VAT 1. (a) Name of VATable person (Note 1 below) (b) Principal place of Business (Not P.O. Box)... Other Branches/Units located within the State (i) (ii) (c) Incorporation/Registration Reference (as applicable) Date of Incorporation/Registration:. 2. (a) Nature of Business (i) (ii) (iii) (b) Types of Goods/Services (i) (ii) 3. Date of Commencement of Business PART B CERTIFICATION I certify that the information given above is correct in all respects and confirm that to the best of my knowledge and belief there are no other facts the omission of which of which would he misleading.. Signature of Principal Officer of VATable person (Note 2 below) Official Stamp of the VATable Person. Designation Full Name Date
12 Notes: 1. *VATable Person* means a person (other than a public authority acting in the capacity) who independently carries out in any place an economic activity as a producer, a wholesale trader; an importer, supplier of services (including mining and other activities of any profession) or person exploiting tangible or intangible property for the purpose of obtaining income therefrom. 2. Principal Officer means any director or the secretary of the company, firm or enterprise
14 APPENDIX III Proforma TAX INVOICE ABC Limited Inv Shop 10 Area 7, Zone 2 Garki - Abuja. Tel: VAT Reg. No: Date: Qty Description Rate Amount N N Sub-Total Total Explanatory notes. Generally Tax Invoices must show an identifying number; name, address and VAT Registration Number; time of supply; customer's name (or trading name) and address; a description which identifies the goods or services supplied for each description; the quantity of goods or extent of the services, the charge made, excluding VAT, the rate of VAT the total charge made. excluding VAT; the rate of any cash discount offered; the total VAT payable.
15 APPENDIX IV FORM VAT 003 NIGERIA FEDERAL INLAND REVENUE SERVICE...Local VAT Office Monthly Return of VAT Reconciliation Statement from Local VAT Offices to Zonal Office N N N Amount of NET VAT collected as per cash book Add: Amount receipted for in the previous mount but [aid to bank this month X Cleared effects X Unexplained Credit transfer by CBN X Redemption/Represent X XX Less Uncleared effects (X) Dishonoured cheques (X) (X) VAT Refunded NET VAT collection XX Transfer to Abuja (VAT A/C) by CBN (1) X (2) X (3) X (4) X XX VAT Collection officer s Sign/Date. VAT Area Tax Controller s Sign/Date Name:. Rank: Name: Rank:
16 APPENDIX V FORM VAT 004 NIGERIA FEDERAL INLAND REVENUE SERVICE...Zonal Office Return of VAT Reconciliation Statement from Zonal Offices to Headquarters (Abuja) For the month of 19. VAT Area Offices Gross VAT Receipt Refund Net VAT Remitted N N N Total amount lodged in the VAT Account with the CBN in the Area Offices and transferred to CBN, Abuja N (1) X (2) X (3) X (4) X I certify that the information above is true and correct. CERTIFICATION Name:.. Designation:..... Signature of VAT Zonal Co-ordinator/Date
17 APPENDIX VI FORM VAT 005 CBN Account No NIGERIA FEDERAL INLAND REVENUE SERVICE Returns of VAT collection to the Federation Account For the month of 19. SIN STATE TOTAL COLLECTION N I certify that the information above is true and correct. CERTIFICATION.. Signature/Date of National Director of VAT. Name:
18 APPENDIX VII LOCATION OF VAT OFFICES IN NIGERIA S/N Sates Local VAT Offices 1* Abia Umuahia and Aba 2 Adamawa Federal Inland Revenue Service Yola Area Office Local VAT Office Galamadi Aminu Way P.M.B. 211, Yola. 3* Anambra Awka and Onitsha 4 Akwa Ibom Federal Inland Revenue Service Uyo Area Office Local VAT Office 5, Asuquo Akpan Street Uyo. 5 Bauchi Federal Inland Revenue Service Bauchi Area Office, P.M.B. 0265, Bauchi, Bauchi State. 6 Benue Federal Inland Revenue Service Maidurdi Area Office, Publicity Road, P.M.B. 2229, Makurdi, Benue State. 7 Borno Federal Inland Revenue Service Maiduguri Area Office, Burma Road, P.M.B. 1175, Maiduguri. 8 Cross Rivers Federal Inland Revenue Service Calabar Area Office, P.M.B. 1112, Calabar. 9* Delta Asaba and warri. 10 Edo Federal Inland Revenue Service Benin Area Office, 37, Airport Road, P.M.B. 1213, Benin City.
19 11 Enugu Federal Inland Revenue Service Enugu Area Office, 7, Ridgeway, P.M.B Enugu. 12 Imo Federal Inland Revenue Service Owerri Area Office, Km. 3. Owerri Onitsha Road, P.M.B. 1473, Owerri. 13* Jigawa Dutse and Hadeja 14 Kaduna Federal Inland Revenue Service Kaduna Area Office, Broadcasting Road, P.M.B , Kaduna. 15 Kano Federal Inland Revenue Service Kano Area Office, 55,Club Road, Kano, P.M.B. 3050, Kano. 16* Katsina Katsina 17* Kebbi Birnin kebbi 18* Kogi Lokoja 19 Kwara Federal Inland Revenue Service Ilorin Area Office, 1, Revenue Road, P.M.B.1408, Ilorin. 20 Lagos Federal Inland Revenue Service Petroleum & Pioneer Division, Plot 1228, Bishop Oluwole Street, Victoria Island, P.M.B , Lagos. Federal Inland Revenue Service Broad Street Area Office, 14, Broad Street, P.M.B , Lagos. Federal Inland Revenue Service Mainland Area Office, 3, OlusojiIidowu Street, Ilupeju, P.M.B. 2002, Yaba. Federal Inland Revenue Service
20 FORM VAT 005 Apapa Area Office, 34, Creek Road, P.M.B. 1389, Apapa. 21 Niger Federal Inland Revenue Service Minna Area Office, Old aairport Road, Minna. 22 Ogun Federal Inland Revenue Service Abeokuta Area Office, P.M.B.2237, Abeokuta. 23 Ondo Federal Inland Revenue Service Akure Area Office, P.M.B. 716, Oluwatuyi Quarters, Akure. 24* Osun Oshogbo 25 Oyo Federal Inland Revenue Service New Adeoyo Hospital Road, Off Ring road, P.M.B. 5050, Ibadan. 26 Plateau Federal Inland Revenue Service Jos Area Office, Tundun Wada, P.M.B. 2143, Jos. 27 Rivers Federal Inland Revenue Service Port Harcourt Area Office, 10, Moscow Road, P.M.B. 5029, Port-Harcourt. 28 Sokoto Federal Inland Revenue Service Sokoto Area Office, kano Road, P.M.B.2287, Sokoto. 29* Taraba Jalingo 30* Yobe Damaturu 31 Abuja Federal Inland Revenue Service P.M.B. 33, Garki.
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