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Good Day All, Any Officila Directive on the Increase of VAT in Nigeria 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:
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.
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.
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