VAT or Value Added Tax is a compulsory tax charged on the added value of goods and services. Usually, a country has a fixed percentage rate for VAT charged on VATable goods and services. However, the country can decide to change the rate.
In Nigeria, from the year 2020 VAT is charged at 7.5 percent. Aside from the 4ate, the double-entry posting for this type of tax is the same worldwide.
To learn about VAT, you can read a post I have written on it. However, to learn it in detail and a step-by-step manner, you should buy my eBook on VAT Accounting. The price is simply 5 Dollars.
Click on here to buy VAT Accounting eBook now.