Browsing Tag

VAT

81% Do Not Pay Tax Because of Corruption in Tax Administration – CITN

Paul Mbagwu May 17, 2021 0

The Charted Institute of Taxation of Nigeria, CITN, during the weekend, decried the fact that more than 81 per cent of taxable Nigerians and businesses do not pay their income taxes due to lack of accountability and transparency in the…

Politics

Northern states claim holiness, destroy beer bottles but share in VAT from other places – Rep…

John Ogunsemore Aug 30, 2020 0

A member of the House of Representatives from Rivers State, Awaji-Inombek Abiante, says it is unfair for Northern States that prohibit consumption of beer and other alcoholic drinks to benefit from Value Added Tax (VAT) generated from the…

Economy

N338.94bn VAT generated in Q1– National Bureau of Statistics

Mustapha Sumaila May 18, 2020 0

The National Bureau of Statistics (NBS) says N338.94billion was generated as Value Added Tax (VAT) in the first quarter (Q1) of 2020.SEE ALSO: COVID-19: Atiku Asks FG to Cut Cost of Governance, Abandon LuxuryThe NBS made this…

Economy

VAT: Exemption of Basic Goods Will Boost Local Production–Experts

Ibukun Emiola Jan 21, 2020 0

Some experts on Tuesday said the exemption of some basic consumption items from Value Added Tax (VAT) would boost local production and reduce economic hardship. SEE ALSO: Global Fund: Nigeria gets $140m to tackle Tuberculosis(TB) in the…

Finance

Minister Of Finance- VAT Implementation Takes Effect Feb. 1

Nana Musa Jan 17, 2020 0

Mrs Zainab Ahmed, the Minister of Finance, Budget and National Planning says the implementation of Value Added Tax (VAT) increase from five per cent to 7.5 per cent will take effect from Feb. 1. SEE ALSO: Muslim Group Raises Alarm Over…

Business

Gas Marketers group applaud the removal of VAT on cooking gas

Asowata Omosuri Sep 17, 2019 0

The Nigerian Association of Liquefied Petroleum Gas Marketers (NALPGAM), says the removal of Value Added Tax (VAT) on cooking gas by the Federal Government will deepen market penetration, boost the country’s economy and protect the…

Finance

How VAT increase will affect the Nigerian economy

Chinyere Nwokeoma Sep 12, 2019 0

Some financial experts on Thursday said that Value Added Tax (VAT) increment by the Federal Government would further dampen purchasing power of Nigerians.They told the News Agency of Nigeria (NAN) in separate interviews in Lagos, while…

Business

New VAT Rate: FEC approves 7.2%

Alexander Ore Sep 12, 2019 0

The Federal Executive Council on Wednesday approved a 7.2% new VAT rate on consumer goods which will become effective sometime in the year 2020.Also Read: FIRS posts 1.5tn revenue in Q1 of 2019Speaking to the Statehouse…

Government

FG earns N311.94bn VAT between April and June

Samuel Oduoye Aug 27, 2019 0

The Federal Government earned N311.94bn VAT between April and June, according to the National Bureau of Statistics (NBS).The figure trumped the record of the first quarter of the year, January to March, which was N289.04bn.NBS…

Government

Mixed reactions trail planned 5% VAT on online purchases

Fabian Ekeruche Aug 16, 2019 0

Mixed reactions have trailed the proposed plan by the Federal Government to slam a five per cent Value Added Tax (VAT) on goods bought online.Experts told the News Agency of Nigeria (NAN) on Friday in Lagos, that the plan could…

News

Nigerians berate FG’s plans to charge 5% VAT on all online transactions

Ademola Ademiluyi Aug 7, 2019 0

Some displeased Nigerians after taken to social media to air their opinion on the proposed idea of charging an extra 5 percent Value Added Tax on transactions conducted through banks’ debit and credit cards in the country.The Chairman…

News

Tribunal reverses FIRS’s N29.2 VAT on bank

Edith Nwapi Jun 19, 2019 0

The Tax Appeal Tribunal, sitting in Abuja on Wednesday, reversed N29.2 million Federal Inland Revenue Service’s (FIRS) imposed as value added tax on Infinity Trust Mortgage Bank.The bank had challenged FIRS’s imposition of the amount.…

News

FIRS to impose VAT on online transactions – Fowler

Harrison Arubu May 18, 2019 0

The Federal Inland Revenue Service (FIRS) says it will soon begin collection of Value Added Tax (VAT) on online transactions.The Chairman of the agency, Mr Babatunde Fowler, made the disclosure in an interview with the News Agency of…

Government

Tinubu, PDP, appeal to FG to halt VAT increment plans

Ademola Ademiluyi Apr 11, 2019 0

During a program tagged, “Next Level, Work for People” at the International Conference Center in Abuja, the former Lagos State governor explained that an increment in VAT will further cut down the amount that citizens can spend.…

News

FIRS begin process to collect VAT on lottery, gaming businesses

Mustapha Sumaila Apr 8, 2019 0

The Federal Inland Revenue Service (FIRS) and the National Lottery Regulatory Commission (NLRC) have commenced process to automate the collection of Value Added Tax (VAT) on lottery and gaming businesses in Nigeria.Mr Wahab Gbadamosi,…

Government

FG goes after 55, 000 millionaires to recover N750bn tax debts

Samuel Oduoye Apr 3, 2019 0

The Federal Inland Revenue Service (FIRS) has disclosed plans to generate about N750bn from about 55,000 millionaire tax debtors.The FIRS Executive Chairman, Mr Tunde Fowler, said this in Abuja suring a meeting with House of…

Government

Don’t raise taxes, Tinubu warns federal government

Samuel Oduoye Mar 28, 2019 0

The National Leader of the All Progressives Congress (APC), Asiwaju Bola Tinubu, has warned the federal government against increasing Value Added Tax in the country.Tinubu said this at his 11th Colloquium at the International Conference…

Finance

“Removing subsidy is better than increasing VAT” – ACTIONAID warns

Ademola Ademiluyi Mar 27, 2019 0

Members of the ActionAid group in Nigeria have warned the Federal Government to desist from raising VAT, (Value Added Tax) in the country, stating that such policies would further slow down the economy.Instead, they urged that the…

Finance

VAT designed to support the poor, not a burden — Fowler

Mustapha Sumaila Mar 26, 2019 0

The Executive Chairman, Federal Inland Revenue Service (FIRS), Mr Babatunde Fowler, says Value Added Tax (VAT) is a consumption tax designed to support the poor and not to create hardship for them.FIRS Spokesman, Wahab Gbadamosi, said…

Business

MAN cautions FG against VAT increment

Rukayat Moisemhe Mar 21, 2019 0

The Manufacturers Association of Nigeria (MAN) on Thursday said the proposed VAT rate incremement was unfriendly to the manufacturing sector.AmbodeThe Director-General of the association, Mr Segun Ajayi-Kadir, made the remarks in Lagos,…

Government

FIRS refutes report of 50% VAT increase

Mustapha Sumaila Mar 21, 2019 1

The Federal Inland Revenue Service (FIRS) on Wednesday refuted report of planned increment of Value Added Tax (VAT) by 50 per cent to meet up payment of the newly proposed minimum wage.The Head, Communication and Servicom Department, Mr…

Government

FG plans to increase VAT before 2019 ends

Samuel Oduoye Mar 20, 2019 0

The Federal Government, through the Federal Inland Revenue Service (FIRS), is conclusing plans to increase Value Added Tax (VAT).VAT, which now five per cent, is undergoing review, after which it may attract between 35 and 50 per cent…

News

Nigeria generates N808bn from VAT in 9 months

Cecilia Ologunagba Jan 3, 2019 0

The National Bureau of Statistics (NBS), says the revenue generated from Value Added Tax (VAT) from sectoral distribution from first to third quarters of 2018 was N808 billion.VAT is a consumption tax placed on a product whenever value…

Aviation

Buhari explains removal of VAT from domestic air fares

Ismaila Chafe Oct 25, 2018 0

President Muhammadu Buhari says the recent decision by the Federal Government to remove Value Added Tax (VAT) from domestic air transportation is to make air travel more affordable to citizens.The president said this when he inaugurated…

News

Price of Cooking Gas to Crash as Federal Government Removes VAT

Tony Abu Momoh Aug 13, 2018 0

Good news has come the way of millions of Nigerians who depend on cooking gas in their daily lives as the Federal Government has announced the removal of Value Added Tax (VAT) on the essential commodity.The Federal Government finally…

News

Nigeria generates N254.10bn from VAT in Q4 – NBS

Cecilia Ologunagba Feb 22, 2018 0

The National Bureau of Statistics (NBS) on Thursday declared that the country generated N254.10 billion as Value Added Tax in fourth quarter of 2017.VAT is a type of general consumption tax that is collected incrementally, based on the…

Business

South Africa to raise VAT for first time in 25 years

Adejumo Kester Feb 22, 2018 0

South Africa will increase value added tax ( VAT ) for the first time in over two decades, the Treasury said on Wednesday.The Finance Minister, Malusi Gigaba, said while presenting the budget plan before parliament that VAT would…

Business

Nigeria generates N204.77bn from VAT in Q1 – NBS

Uju Jun 13, 2017

The National Bureau of Statistics (NBS) said that Nigeria generated the sum of N204.77 billion as Value Added Tax (VAT) in the first quarter of 2017.VAT is a consumption tax that is placed on a product whenever value is added at a stage…

Business

FIRS realises N2.5bn from VAT automation with airlines

Uju Apr 13, 2017

The Federal Inland Revenue Service(FIRS) has entered into Value Added Tax (VAT) automation with Aero contractors, Dana and Medview airlines to boost revenue collection in Aviation.The Director, ICT FIRS, Mr Kola Okunola, said this in a…

Business

FG to raise VAT on luxury goods, approves new Tax policy

Victoria Feb 2, 2017

In an effort to shore up the federal government’s revenue base, the Federal Executive Council (FEC) yesterday approved a new tax regime, just as it announced its intention to raise taxes on luxury goods.Also yesterday, the council…

Older Posts