For your immediate attention
The Federal Government of Nigeria has bowed to pressure from the Labour Union
and the public at large by reversing the VAT rate which was increased to 10%
on 23 May 2007 back to 5% with effect from 23 June 2007. Although the legal
procedures necessary to formalise the reversal are yet to be in place, the Federal
Inland Revenue Service charged with the responsibility of admistering the tax
has formally requested taxpayers to revert to 5%.
