The Finance Act (FA) 2020 introduced certain amendments to the Value Added Tax Act (VATA). The Federal Inland Revenue Service (FIRS) recently issued an information circular dated 3 June 2021, to provide guidance on the implementation of Finance Act amendments to the VATA. The circular replaces the earlier FIRS circular issued on 29 April 2020.
We examine some of the tax law changes and other issues clarified in the recent FIRS circular below:
Download Tax Alert – FIRS circular on the implementation of VAT changes in the Finance Act 2020