Nigeria Increase VAT from 5% to 7.5%

Hi Fransisca Gouws,

You can create a new tax code so you can use the updated rate. But before doing so, I suggest reaching out to your accountant to verify if it's already implemented.

Here's how to add a new rate:

1. In the Tax Centre, select Add Tax.
2. Choose which type of tax rate you want to set up.
3. Enter the details of your tax rate. If you need help with this screen, select the help button (yellow question mark).
4. Click Done when finished.

Once a new rate has been created, you can deactivate the old one. You can follow the steps below to deactivate the old tax rate.

1. In the Tax Centre, use the side arrows to find the tax you want to deactivate.
2. Click on Edit tax in the top right corner
3. Click on Edit rate
4. Under Action, click Edit and then click Make inactive

If in case there's a need to add group tax, here's an article for detailed steps: How Do I set up Sales GST/VAT Rates And Use Them On Forms? (International QBO).

Post a reply below if you need further assistance. I'll always be right here to help.