Financial Q&A: Your Questions Answered
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All Questions
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Can I claim input VAT on all business expenses?
Under the Nigeria Tax Act 2025 (effective January 2026), the rules for claiming input VAT have been revolutionized. Nigeria has moved from a "restrictive" model to a "Global Best Practice" model, which is fantastic news for your business cash flow.
How often do I need to file VAT returns, and what are the penalties for late filing?
In 2026, the Nigeria Tax Administration Act 2025 has moved the goalposts. Filing isn't just a monthly task anymore; with mandatory e-invoicing, it’s now a real-time digital sync, but you still have a monthly "summary" deadline to meet.
What documentation is required for WHT compliance?
Under the Nigeria Tax Administration Act 2025 (effective January 2026), documentation is the bridge between "taking the money" and "proving you paid it." The system is now heavily digital, making physical and electronic records equally important.
Is withholding tax applicable to payments for goods?
Yes, withholding tax (WHT) is applicable to payments for goods, but under the Nigeria Tax Act 2025 and the 2024 WHT Regulations, there are now massive exemptions. Here is the "Yes, but..." breakdown for 2026:
What transactions are subject to withholding tax?
Under the Nigeria Tax Act 2025 and the associated Withholding Tax Regulations 2024, the government has moved away from taxing "every single payment" and instead focuses on specific categories.