The federal government recently announced that companies with less that N25million turn over will be exempted from paying tax and many people do not really understand the implications.

What the exemption simply mean is that if your company's turnover is below N25million, you can't charge your customers any VAT and it invariably means that you don't have to register for VAT.

Although if you are buying from a bigger company with turnover above N25million, you will pay VAT. This to me is majorly a win for customers who are afraid of the recent VAT increase to 7.5%.

https://twitter.com/moneylineait/status/1182724821760794624?s=19