Value Added Tax

Democratic Republic of Congo’s government has decided to suspend the value-added tax (VAT) exemption on mining companies’ imports in an effort to bolster state revenue, the budget minister said.

The Federation Account Allocation Committee (FAAC) at the weekend shared a total of N651.184 billion as June 2020 allocation among the federal, states, local governments, and relevant agencies in the country.

National chairman of the Peoples Democratic Party, PDP, Prince Uche Secondus, has chided President Muhammadu Buhari and the All Progressives Congress, APC, for what he called the overburdening of Nigerians with taxes and tariffs since assuming office in 2015.

A total N6,609,759,939 is the amount that accrued to Kogi State from the Federation Account for the month of June, 2020. This amount is made up of N3.6 billion allocated to the State Government and N2.9 billion allocated to the 21 Local Government Areas in the state.

The Federation Account Allocation Committee (FAAC) Wednesday shared N547.309 billion among the three tiers of government as allocation for May 2020.

The Senate Tuesday asked the Federal Government to as a matter of urgency, expedite action towards the completion of the Ajaokuta steel plant.

Governor Yahaya Bello of Kogi State has assured workers that they will get their May salary before the Eid-el Fitri celebration.

Details of the allocation were contained in a Secretariat report released by the Office of the Accountant-General of the Federation at the end of the online meeting of the Federation Accounts Allocation Committee (FAAC) in Abuja.

Pay television company, Multichoice Nigeria, has dismissed reports that it is set to increase subscription rates for its DStv and GOtv packages from June 1.

Saudi Arabia will increase its value-added tax (VAT) from five to 15 per cent in July, as part of moves to support the economy amid the novel Coronavirus pandemic, the Finance Ministry said on Monday.

The Lagos Chamber of Commerce and Industry (LCCI) has advised organised private sector to leverage creativity and innovation to rebuild a competitive economy post-COVID-19.

The Peoples Democratic Party (PDP) has advised President Muhammadu Buhari to use his appointment as the ECOWAS COVID-19 Response Champion to step up actions and measures against spread of the pandemic in Nigeria.

The Federation Account Allocation Committee, FAAC, has admitted error, saying N661.4 billion was shared among the three tiers of government for March, 2020 and not N780.9 billion earlier announced.

The Federal, State and Local Governments and relevant state agencies shared a total N780.926 billion as revenue from the Federation Account Allocation, FAAC, for the month of March 2020.

The Federation Accounts Allocation Committee (FAAC) has shared a total of N780.926 billion as Federation Account revenue for March 2020 to the Federal, States and Local Governments and relevant agencies in the country.

Dana Air says it will keep the middle seats in all its aircraft empty upon resumption of flights, in line with the social distancing guideline on COVID-19.

To reflect the present harsh economic realities occasioned by the coronavirus pandemic, the Federal Government has adjusted the 2020 budget, slashing the figures by N317.5 billion.

Bayelsa State Government has expressed concern over the decline in revenue from the Federation Account arising from the global COVID-19 crisis, saying the economy of states in the country would soon be grounded.