Introduction
Chioma runs a thriving fashion boutique in Lekki. Last month, she received a letter from FIRS about VAT registration. She panicked—she'd been adding "VAT" to customer invoices but wasn't actually registered. Now she's worried about penalties, back-taxes, and whether she's been doing everything wrong.
If you're like Chioma, confused about when to charge VAT, how to calculate it, or whether your business even needs to register, you're not alone. VAT is one of the most misunderstood taxes in Nigeria, yet it's also one of the most important for business owners to get right.
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