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Value Added Tax

7.2% VAT: Federal government to make N2 trillion in 2020

The Federal Government of Nigeria is expected to generate not less than N2 trillion into the coffers in 2020 when he Value Added Tax (VAT) recently increased to 7.2 percent is implemented.

Ministry: Why 7.5 percent VAT is necessary

The federal government has defended its decision to increase Value Added Tax (VAT) from 5 to 7.5percent.
Kola Ologbondiyan

PDP, NLC kick over VAT increase

The Senate Committee on Finance is to invite the Minister of Finance, Zainab Ahmed, and the Chairman of the Federal Inland Revenue Service (FIRS), Babatunde Fowler to throw more light on the reasons for the proposed increase of Value Added Tax (VAT) from current 5 per cent to 7.2 per cent.

Experts: 7.2% VAT will dampen Nigerians’ purchasing power

Some financial experts on Thursday said that Value Added Tax (VAT) increment by the Federal Government would further dampen purchasing power of Nigerians.
Timothy Olawale - Nigeria Employers’ Consultative Association (NECA)

NECA: 7.2% VAT will render new minimum wage useless

The Nigeria Employers’ Consultative Association has said the implementation of the 7.2 per cent Value Added Tax approved by the Federal Executive Council will make nonsense of the recent increase in minimum wage.
The minister of Finance, Budget and National Planning Mrs Zainab Ahmed disclosed this on Tuesday during her maiden meeting with top officials of the two merged ministries at the headquarters of Budget and National Planning in Abuja.

Nigerians anticipate price hikes as federal government raises VAT to 7.2 percent

Nigerians should gird their loins in expectation of further price hikes in prices of general services and commodities in just a few days from now.
President Muhammadu Buhari has felicitated with all the 2019 Nigerian pilgrims over the successful completion of their Hajj rites and the Eid-el-Kabeer celebration.

Federal government raises VAT to seven percent

The Federal Executive Council (FEC), presided over by President Muhammadu Buhari has approved a two per cent increase in Value Added Tax (VAT) to move it from five to seven percent.

NBS: Nigeria generates N311.94 billion from VAT in 2019 second quarter

The Nigerian Government has generated the sum of N311.94 billion from Value Added Tax (VAT) in the second quarter of 2019.

Tunde Fowler: FIRS to begin VAT charge on online transactions January 2020

The Federal Inland Revenue Service (FIRS) says it will begin to impose Value Added Tax (VAT) on online transactions, both domestic and international, with effective from January 2020.

African leaders to invest $1 trillion on infrastructure

African nations are targeting to invest $1 trillion over the next 10 years to bridge the worrisome infrastructure gap on the continent.
Ahmed Idris, the Accountant-General of the Federation (AGF)

FAAC: Federal, states, local governments share N769.52 billion for July

The Federal Government, states and local governments shared N769.52 billion as federal allocation for the month of July.

N1.2 billion tax error claims: Tribunal permits counsel to tender documents from bar

The Tax Appeal Tribunal sitting in Abuja on Friday, gave permission to the counsel to Mr Joe Daudu, SAN, to tender documents from the bar, in order to avoid further delay in the matter.

How Kogi governor mismanaged state’s N294 billion – deputy

All is not rosy between Kogi state governor, Yahaya Bello, and deputy governor, Simon Achuba. Ahead of the November 16 governorship election in the state, Mr. Achuba has chosen to come out of his shell to let the world know how terrible things have been for the North-Central state in the past four years.
The Ibadan Electricity Distribution Company, IBEDC, has appealed to its customers to go through the proper channel and avoid fraudulent activities in meter collection.

IBEDC warn customers against short cut over meter collection

The Ibadan Electricity Distribution Company, IBEDC, has appealed to its customers to go through the proper channel and avoid fraudulent activities in meter collection.

Nigeria considers new 5% tax for online purchases

The Federal Inland Revenue Service (FIRS) may, from next year, ask banks to charge customers five per cent Value Added Tax for online purchases when using bank cards, its Chairman, Tunde Fowler, has said.

Oxfam: Nigeria loses billions in local, foreign tax evasions

Nigeria’s tax system is fraught with crippling challenges of weak enforcement, corruption, and outright evasion. This is costing the country losses amounting to billions of naira, both locally and internationally, said Oxfam, an international development organisation.
Timothy Olawale - Nigeria Employers’ Consultative Association (NECA)

NECA: Signing of AfCFTA an error

The raging controversies over the signing of African Continental Free Trade Area Agreement by President Muhammadu Buhari got another big voice on Wednesday in person of the Director-General of Nigeria Employers’ Consultative Association (NECA), Mr Timothy Olawale.

Allen Onyema: Nigeria doesn’t need foreign airline’s assistance to set up national carrier

Mr Allen Onyema, Chairman, Air Peace, says Nigeria does not need the assistance of any foreign airline to establish a new national carrier for the country.

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