Value Added Tax

The country earned a total of N275.12 billion from Value Added Tax in the third quarter of this year, figures released by the National Bureau of Statistics have revealed.

The Federal Government’s plan to ban consumer ownership of Liquefied Petroleum Gas (LPG) cylinders is aimed at enhancing safety and deepening cooking gas penetration in the country, an official said on Tuesday.

Nigeria’s Senate decision to approve 56 amendments in Finance Bill, an executive bill submitted by President Muhammadu Buhari, seeking an approval to raise tax rates payable by consumers and business entities to augment Federal Government’s declining cashflow, last week opened another pandora box of debate as to the fate of ordinary citizens when it eventually gets signed into law by the president in the days and weeks ahead.

The Senate passed the 56 amendments on the 2019 Finance Bill but some senators kicked against the increase in VAT during the presentation and consideration of the report of the Senate Committee on Finance.

President Muhammadu Buhari on October 8 presented the Finance Bill to a joint session of the National Assembly for consideration and passage into law.

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 Federal Executive Council (FEC) has approved N5.72 billion for the construction of Nigeria Deposit Insurance Corporation’s (NDIC) zonal office in Bauchi and for 12 consultancy services for development of NDIC’s offices.

A Federal High Court Lagos on Tuesday further adjourned hearing until Jan. 30 and Jan. 31, 2020, a suit filed by MTN Nigeria Communication Ltd, against the Attorney General of the Federation, over alleged N242 billion and 1.3 billion dollars import duties and withholding tax assessments.

In order to reduce the high cost of governance involved in bi-cameral legislature, ActionAid Nigeria has called for the scrapping of the Senate or the House of Representatives.

A non-governmental and non-partisan organization, ActionAid Nigeria, AAN, Sunday, advised the Federal Government on the proposed 2020 Budget Appropriation Bill, Value Added Tax, VAT, Sexual Harassment in Tertiary Education Institution Prohibition Bill, and other national issues.

Members of the main opposition Peoples Democratic Party (PDP) in the House of Representatives at the weekend cautioned that the House should not rubberstamp the N10.33 trillion 2020 budget.

Chairman of Guinness Nigeria Plc, Mr. Babatunde Savage, has expressed concern over the proposed increased in Value Added Tax, VAT, rate, stating that it would negatively impact manufacturing firms in the country, increase the cost of doing business and further reduce the disposable income of Nigerians.

Macro-economic targets set out by the Federal Government in the Economic Recovery and Growth Plan have been underachieved, a report released by the Centre for Democracy and Development has said.

The All Progressives Congress (APC) has appealed to the Federal Government to withhold a N7billion Value Added Tax (VAT) refund to the Bayelsa State Government for people’s sake.

A statement issued yesterday from the minister’s office, explained that he made these comments when he hosted a United Nations Industrial Development Organisation (UNIDO) delegation led by the Representative to the Economic Communities of West African States (ECOWAS) and Regional Director, Nigeria Regional Hub, Mr. Jean Bakole.

The Federal Government, 36 states and the Federal Capital Territory and 774 local government areas shared N693.529 billion as of September allocation disbursed by the Federation Account Allocation Committee (FAAC).

Mrs Zainab Ahmed, the Minister of Finance, Budget and National Planning, says the nation will not be able to reach 80 per cent revenue performance for 2019.

Some senators, yesterday, dismissed projections of President Muhammadu Buhari’s N10.33 trillion 2020 budget proposal as unrealistic.