TAX – Nov 2020 – L1 – SA – Q11 – Value Added Tax (VAT)

Identify which information is not required on a tax invoice for goods or services.

Question

A tax invoice issued for goods sold or services rendered must contain the following information, EXCEPT:
A. Type/nature of goods
B. Customer’s name and address
C. Rate of VAT applied
D. Bio data of taxpayer
E. Taxpayer’s identification number

Answer

D. Bio data of taxpayer

Explanation:
A tax invoice must include specific details such as the type/nature of goods or services, the customer’s name and address, the rate of VAT applied, and the taxpayer’s identification number (TIN). However, it does not require the bio data of the taxpayer, as this information is not necessary for the purpose of the invoice.

Tags: Invoice Requirements, Nigerian Tax System, Tax Invoice, VAT
Level: Level 1

Topic: Value-Added Tax (VAT), Customs, and Excise Duties
Series: NOV 2020

Uploader: Dotse