Shelze Fiscal Webinar Series
Webinar No. 003
Is Your Business Charging VAT Correctly?
What’s Taxable, What’s Not, and What You Can Claim Back Under the NTA 2025
Speaker
Speaker
Kolawole Olaniyan
B.Sc, ACA
Shelze Professional Services
Recording
Watch on YouTube โ
Resources
Slides
Presentation Slides
Full slide deck from the session.
Download โ
Reference Guide
VAT Classification Quick-Reference
Exempt and zero-rated schedules under the NTA 2025, including the Section 188 basic food items list.
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Key Takeaways
Place of supply: VAT follows the goods or service to where they are consumed. Section 146.
Incoterms are not VAT instruments. EXW is not zero-rated without export documentation. DAP Lagos is domestic.
Oil and gas exports: now exempt, not zero-rated. Input VAT on production costs is no longer recoverable.
Two recovery clocks: five years to deduct input VAT; twelve months to claim a refund on net credits, or it lapses.
Construction: VAT arises at each milestone, not at project completion. Section 146(3)(b).
Barter: both legs are taxable. Unregistered counterparty means one-sided output VAT with no input offset.