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Companies Income Tax
The Federation Accounts Allocation Committee (FAAC) has shared a total of N716.298 billion to the three tiers of government for the month of December, 2019.
President Muhammadu Buhari on Monday signed into law the Finance Bill 2019 (now Finance Act), which among other objectives, seeks to increase government revenue while supporting struggling small businesses in Africa’s largest economy.
The Finance Bill 2019, when signed into law, will ensure that small businesses with turnover less than N25m will be exempted from Companies Income Tax.
Alhaji Isa Dutse, Permanent Secretary, Ministry of Finance, Budget and National Planning, said on Wednesday in Abuja that the Federal, States and Local Governments had shared the sum of N635.8 billion for the month of November.
The Federal government, States and Local government Councils on Wednesday shared a total of N702.058 billion to the three tiers of government for the month of October 2019.
The tax offices established by the Federal Inland Revenue Service (FIRS) for the administration of taxes for non-resident taxpayers will become operational by January 2020.
A total of N679.699 billion has been distributed as Federal Allocation for the month of May, 2019 between the Federal Government, State Governments and Local Government Councils.
A total of N619.857 billion has been distributed as federal allocation for the month of February 2019 among the Federal, States and Local Government Councils.
The Executive Chairman, Federal Inland Revenue Service (FIRS), Mr. Tunde Fowler, has stated that Value Added Tax (VAT) is primarily designed to support poor Nigerians and not to create hardship for them, as it is charged on consumption and capacity to consume.
A notice by Minister of Budget and National Planning, Senator Udoma Udo Udoma and Executive Chairman of Federal Inland Revenue Service (FIRS) Mr. Babatunde Fowler of government’s intention to raise the rate of value added tax (VAT) before the end of 2019 is presently causing ripples among various categories of Nigerians.
Ebonyi State Governor, David Umahi, has opposed the proposed plan by federal government to lift Value Added Tax (VAT) from five percent to 35 percent, stressing that it would put the country in difficult situations.
The Federation Accounts Allocation Committee (FAAC) has shared a total of N610.368 billion to the three tiers of government.
The Federal Government, states and local governments have shared N649.19 billion as revenue for the December 2018.
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