Tipping In Nigeria

In most bars and restaurants tips are not expected, but 5-10% is optional. Apparently, if tips are given, the recipient will show extreme, and sometimes colourful, gratitude!

Again, in hotels a 5% tip is optional but only for great service. Remember that taxi fares are usually increased for tourists so tipping isn’t as necessary unless you wish to reward exceptional service, when you could round up. It’s a good idea to negotiate a fare before embarking, to include the tip.

Value Added Tax (VAT) – Frequently Asked Questions

Question 1: What is Value Added Tax?
Answer: Value Added Tax (VAT) is a tax levied on consumption of goods and services.

Question 2: On what types of goods and services do you pay VAT?
Answer: The VAT Act CAP.VI LFN 2014 requires that you pay VAT on all goods manufactured/assembled in or imported into Nigeria, and all services rendered by any person in Nigeria except those specifically exempted under the law as follows: basic (raw) food items, baby products, medical services and services rendered by Community Banks etc.

Question 3: What is the VAT rate?
Answer:  5 per cent

Question 4: What is the due date of filing VAT returns?
Answer: On or before the 21st day of the month following the month of transaction.

Question 5: What are the relevant documents required for filing VAT returns?
Answer:

  1. Evidence of payment such as bank teller, e-ticket, e-acknowledgement etc. from an FIRS designated revenue collecting bank.
  2. Completed VAT Returns Form 002 (for individuals, enterprises and companies).
  3. Schedule of VAT collected indicating the: Name, Taxpayer Identification Number (TIN) of company or individual on whose transaction the VAT was charged and the related amount.

Question 6: Who should register for VAT?
Answer: Both individual and corporate bodies so long as they are trading in goods and services.

Question 7: How do you register for VAT collection?
Answer: Once you register with the FIRS by completing Taxpayer Registration Input Form, submit copies of prescribed documents and obtain Taxpayer Identification Number (TIN), you are automatically registered and authorised to collect VAT.

Question 8: When should a taxable person register for VAT?
Answer: All taxable persons are expected to register for VAT immediately they are registered with Corporate Affairs Commission (CAC) or commencement of business.

Question 9: What are the penalties for:
i. Non – registration for VAT?
Answer: A penalty of N10,000 for the first month in which the failure occurs and N5,000 for each subsequent month. If this persists, the business premises will be sealed up after a considered reasonable period

ii. Non – remittance of VAT?
Answer: A penalty of a sum equal to 5% per annum plus interest at a commercial rate payable within 30 days of notification by the Tax Authority.

Question 10: How do you pay VAT?
Answer: VAT is paid through all FIRS designated revenue collecting banks into the VAT Pool Account.

Banks In Nigeria

Central Bank of Nigeria
Naira notes and coins are printed/minted by the Nigerian Security Printing and Minting Plc (NSPM) Plc and other overseas printing/minting companies and issued by the Central Bank of Nigeria (CBN). At the currency printing works of the NSPM Plc, quality is meticulously controlled throughout every process of currency production. This guarantees that every note issued meets the required standard. The CBN maintains an office called Mint Inspectorate in the premises of the NSPM Plc to maintain security and quality of Naira notes and coins.

Currency is issued to deposit money banks through the branches of the CBN, and old notes retrieved through the same channel. Currency deposited in the CBN by the banks are processed and sorted to fit and unfit notes in line with the clean note policy. The clean notes are re-issued while the dirty notes are destroyed.

Central Bank of Nigeria: Plot 33, Abubakar Tafawa Balewa Way – Central Business District, Cadastral Zone,Abuja, Federal Capital Territory, Nigeria P.M.B. 0187, Garki Abuja. Nigeria

Commercial Banks in Nigeria
1. Access Bank Plc

2. Citibank Nigeria Limited

3. Diamond Bank Plc

4. Ecobank Nigeria Plc

5. Enterprise Bank

6. Fidelity Bank Plc

7. FIRST BANK NIGERIA LIMITED

8. First City Monument Bank Plc

9. Guaranty Trust Bank Plc

10. Heritage Banking Company Ltd.

11. Key Stone Bank

12. MainStreet Bank

13. Skye Bank Plc

14. Stanbic IBTC Bank Ltd.

15. Standard Chartered Bank Nigeria Ltd.

16. Sterling Bank Plc

17. SunTrust Bank Nigeria Limited

18. Union Bank of Nigeria Plc

19. United Bank For Africa Plc

20. Unity Bank Plc

21. Wema Bank Plc

22. Zenith Bank Plc

TRAVEL ACCESSORIES AND GEAR

Universal Travel Adapter Electric Plugs Sockets Converter UK, EU, US, AU
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Universal Travel Adapter Electric Plugs Sockets Converter UK, EU, US, AU

Universal Travel Adapter Electric Plugs Sockets Converter: International compatibility: 4 in 1 World Travel Adapter Set Travel Kit Worldwide for Great Britain, Europe, North America, South America, Australia, New Zealand, China, Japan, Hong Kon, Korea…Cover more than 150 Countries with US/EU/UK/AU plugs, good ideal companion for your trip. Read more…

Tile Mate - Key Finder. Phone Finder. Anything Finder - Travel Gear
Shopping Online Store

Tile Mate – Key Finder. Phone Finder. Anything Finder

One of the world’s best-selling Bluetooth trackers, redesigned. Twenty-five percent smaller than the original Tile, Tile Mate easily hooks onto keychains or attaches to anything you care about. It’s the small, powerful companion for life’s little valuables. Our Bluetooth tracking will find items in a short to medium range distance. For the longer range, the Tile community’s global network can help find your item. Read more…

HOTELS SEARCH & MORE

NOTE: Search results are featured on Nigeria Rendezvous partner Booking.com (external website).




Booking.com

Choosing the Best Hotel for You

Welcome to Nigeria Rendezvous. We have partnered with Booking.com to provide you with the best hotels across Nigeria constantly updated. Select a state and this will take you to Booking.com (external website) where you can find complete information regarding hotels in your your selected State:

North Central Nigeria Hotels: Benue State Hotels, Federal Capital Territory (FCT) Hotels, Kogi State Hotels, Kwara State Hotels, Nasarawa State Hotels, Niger State Hotels, Plateau State Hotels

North East Nigeria Hotels: Adamawa State Hotels, Bauchi State Hotels, Borno State Hotels, Gombe State Hotels, Taraba State Hotels, Yobe State Hotels

South East Nigeria Hotels: Abia State Hotels, Anambra State Hotels, Ebonyi State Hotels, Enugu State Hotels, Imo State Hotels

North West Nigeria Hotels: Jigawa State Hotels, Kaduna State Hotels, Kano State Hotels, Katsina State Hotels, Kebbi State Hotels, Sokoto State Hotels, Zamfara State Hotels

South West Nigeria Hotels: Ekiti State Hotels, Lagos State Hotels, Ogun State Hotels, Ondo State Hotels, Osun State Hotels, Oyo State Hotels

South South Nigeria Hotels: Akwa Ibom State Hotels, Bayelsa State Hotels, Cross River State Hotels, Delta State Hotels, Edo State Hotels, Rivers State Hotels




NIGERIA TOP TRAVEL INFORMATION RECOMMENDED BY NIGERIA RENDEZVOUS

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  • Welcome to Nigeria Rendezvous. For People (foreigners) who love and want to travel to and within Nigeria, our ‘Travel Manager’ will help you with vital information to make your travel journey a wonderful experience. Enjoy your stay here on Nigeria Rendezvous. Read more…

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