AI agents for business finance: what they can and can't do
What AI agents can do in bookkeeping, close, collections and compliance today, where a person must stay in charge, and how to judge a product.
The short answer
A VAT-registered business files its monthly VAT return on the NRS Rev360 portal on or before the 21st of the following month, whether or not it made sales (section 22(1) of the Nigeria Tax Administration Act 2025). You upload a schedule of sales (output VAT) and purchases (input VAT), check the portal's computation, submit and generate payment for the net VAT; Mondaq's reading of the 2025 Act puts the remittance date at the 14th, so pay early to be safe.
VAT returns are monthly, which makes them the filing small finance teams do most often and miss most often. The Nigeria Revenue Service (NRS) is moving VAT filing onto its Rev360 self-service portal. CITN's May 2026 advisory to members says the NRS has published Rev360 VAT guidance covering templates, classification of transactions and validation. Here is how to prepare and file, with the dates.
Who files, and when
- Who: every VAT-registered business. Small businesses (turnover of ₦100 million or less and fixed assets of ₦250 million or less, not professional services) are exempt from VAT registration and filing under the 2025 reforms (Forvis Mazars, March 2026; NTAA s.22(4)). See does a small business charge VAT.
- Return: on or before the 21st of the month after the month of the transactions (NTAA s.22(1)).
- Payment: Mondaq's May 2026 review says VAT collected is remitted by the 14th of the following month. BusinessDay's February 2026 explainer says return and payment by the 21st. Until the NRS confirms, pay by the 14th.
- Nil months: a return is required "whether or not economic activities has taken place", as Mondaq quotes section 22.
Before you log in: build the two schedules
Rev360 VAT filing works from templates. Build these from your invoices and bills for the month:
Output schedule (your sales)
One line per invoice: customer name, customer Tax ID if registered, invoice number, date of supply, amount before VAT, VAT charged and the VAT treatment (standard-rated, zero-rated or exempt). Section 153 of the Nigeria Tax Act 2025 requires a VAT invoice to show your Tax ID, invoice number, date of supply, the customer's name, the gross amount, the VAT charged and the rate, so a good invoice already holds every field.
Input schedule (your purchases)
One line per supplier invoice you are claiming: supplier name and Tax ID, invoice number, date, amount and VAT paid. Forvis Mazars notes that from 1 January 2026 input VAT on services and fixed assets used for taxable supplies can be claimed, not only on goods for resale, and claims must be made within five years. Input VAT on producing exempt supplies cannot be reclaimed.
Steps on Rev360
- Log in with your business Tax ID. If you are not yet on Rev360, register first: how to register on Rev360.
- Open VAT returns and choose the month you are filing.
- Download the output and input templates the NRS provides, fill them from your schedules and upload them, or enter lines directly if the screen allows it.
- Fix any validation errors the portal shows, such as a missing Tax ID or an invoice date outside the month.
- Check the portal's computation: output VAT minus input VAT. Compare with your own figure before you submit.
- Submit the return and save the acknowledgement.
- Generate the payment reference for the net VAT and pay through the listed channels.
- If input VAT exceeds output VAT, the excess is carried forward as a credit (BusinessDay) or claimed as a refund; Forvis Mazars reports refunds requested within 12 months are to be processed in 30 days.
Follow the NRS VAT user manual for exact screen names; they may change as Rev360 develops.
Worked example
Example only. A VAT-registered Abuja printing business in September 2026:
| Line | Net | VAT at 7.5% |
|---|---|---|
| Sales invoices (standard-rated) | ₦8,000,000 | ₦600,000 |
| Paper and ink bought | ₦4,000,000 | ₦300,000 |
| Machine maintenance service | ₦400,000 | ₦30,000 |
| New guillotine (fixed asset) | ₦667,000 | ₦50,025 |
Input VAT: ₦300,000 + ₦30,000 + ₦50,025 = ₦380,025. Net VAT payable: ₦600,000 − ₦380,025 = ₦219,975. Return due by 21 October 2026; pay by 14 October to be safe. Under the old rules, the VAT on the service and the machine might not have been claimable.
Penalties
BusinessDay's February 2026 explainer quotes ₦50,000 for the first month of a late VAT return and ₦25,000 for each later month, plus interest. Section 101 of the Administration Act sets ₦100,000 and then ₦50,000 a month for failing to file returns generally. Ask the NRS which applies; either way a missed nil return costs money. Unpaid tax also attracts 10% plus interest under section 65.
What to check first
- Every sales invoice for the month is issued and numbered.
- Every supplier invoice you claim shows the supplier's Tax ID and VAT.
- Large customers may need invoices through the NRS e-invoicing system (Merchant Buyer Solution), being phased in from large taxpayers.
- Your VAT return turnover will be compared with your annual CIT return.
Where Pryme fits
Pryme's invoicing keeps numbered invoices with VAT on its own line, and the Finance agent can prepare the month's sales and purchase schedules for a person to check before filing. Our guide on how the Finance agent prepares a VAT return shows the flow.
Questions people ask
When is VAT return due in Nigeria?
On or before the 21st of the following month under section 22(1) of the Nigeria Tax Administration Act 2025. Mondaq's reading of the 2025 Act puts remittance at the 14th, so pay early.
Do I file VAT if I made no sales?
Yes, if you are VAT-registered. A return is required whether or not any economic activity took place that month.
Can I claim VAT on services and equipment?
From 1 January 2026, input VAT on services and fixed assets used for taxable supplies is claimable, according to Forvis Mazars, within five years.
Is Rev360 the new VAT portal?
Yes. The NRS has introduced Rev360 for VAT and other filings; CITN's May 2026 advisory points users to its VAT templates and manuals.
Sources
- Nigeria Tax Administration Act 2025 (gazette copy) · accessed Oct 2026
- Mondaq: Examination of the VAT provisions under the Nigeria Tax Act 2025 (28 May 2026) · accessed Oct 2026
- Forvis Mazars: VAT and Nigeria's 2025 tax reforms, key business changes (16 Mar 2026) · accessed Oct 2026
- CITN Member Advisory: Guidance on the Rev360 tax administration platform (May 2026) · accessed Oct 2026
- BusinessDay: Explainer, VAT: how and when to file yours (4 Feb 2026) · accessed Oct 2026
This article is general information, not financial, legal or tax advice. Products described are provided under the terms on this site and are subject to regulation and eligibility.