Nigeria has VAT rate increase from the 01 February 2020. We need to implement time dependent taxes meaning tax code will not change.
Invoice created 01.01.2018 @ 5% VAT rate and credit note for this invoice 10 February 2020. So will the Credit note pull the 10% rate even though the rate has increased. Is there a flexibility to choose the tax date for credit note and or invoices. E.g. In SA - VAT determination is based on Services rendered/ time of supply – if services rendered before tax rate change and the invoice is created after the tax rate change the vat on the invoice must be at the rate applicable when services were rendered.