Section 22 — Returns for Value Added Tax

(1) A taxable person shall, in respect of Value Added Tax (VAT), with or without a notice and whether or not an economic activity has taken place, submit a return to the Service in the prescribed form, on or before the 21st day of the following month.

(2) Where the Service grants an extension of the period for filing the returns under this section, such extension shall not imply the extension of time to pay the tax.

(3) The returns shall contain the input tax paid, output tax collected and Value Added Tax payable in respect of all taxable supplies in the preceding month.

(4) The provision of subsection (1) of this section shall not apply to a small business.

(5) A small business may, subject to a written notice addressed to the Service, choose to opt out of the exemption granted to small businesses under this Part including registration, charging of tax on its taxable supplies and filing of returns.

(6) A business, upon ceasing to be a small business, shall file monthly VAT returns.

(7) In determining whether a person meets the threshold of being a small company, the value of the following taxable supplies shall be excluded:

(a) supply of a capital asset of the person; and

(b) supply made solely as a consequence of the person selling the whole or a part of its business or permanently ceasing to carry on business.

(8) A taxable person granted exemption in subsection (5) of this section is exempt from the provisions of sections 100 and 102 of this Act and section 151 of the Nigeria Tax Act.

(9) The provisions of subsection (5) of this section shall not apply to companies engaged in petroleum operations as defined in the Nigeria Tax Act.

(10) Where technology is deployed by the Service, a taxable person shall render returns in real time or at such other time as the Service may prescribe.

(11) For the purpose of attribution, any return under this section shall provide details of consumption of taxable supplies, irrespective of where the return is filed.