Value Added Tax

The Federal Government, States and Local Government Councils have shared a total of N647.353 billion from the Federation Account Revenue for January 2020.

Mr Ahmed Idris, Accountant-General of the Federation, says States and Local Government Councils will receive additional funds from February following the implementation of the 7.5 increase in Value Added Tax (VAT).

The federal government has finally put to bed the controversy over who will collect stamp duty has finally been rested.

The Executive Chairman, Federal Inland Revenue Service (FIRS), Mr Muhammad Nami, has launched a national tour of the six geo-political zones to sensitise the nation, especially taxpayers, on the 2019 Finance Act.

The Buhari Media Organisation says the administration of President Muhammadu Buhari will not implement policies that will affect the existence of the poor while raising revenue to fund the nation’s infrastructure projects.

Minister of State for Budget and National Planning, Mr Clem Agba, has allayed fears that President Muhammadu Buhari led administration was plunging the nation into debt problem by borrowing a lot.

The Minister of Communications and Digital Economy, Dr. Isa Pantami, said the 7.5 per cent Value Added Tax deductions on voice calls and text messages fell under the purview of Federal Inland Revenue Service.

As implementation of the 7.5 per cent VAT, which was increased from 5 per cent, becomes effective yesterday, February 1, 2020, telecoms subscribers have started paying for data and calls accordingly.

The Federal Inland Revenue Service has warned businesses and individuals against tax evasion as the Federal Government begins the implementation of the 7.5 per cent Value Added Tax on Saturday (today).

Eko Electricity Distribution Company has announced that the prices of meters sold to customers under the Meter Asset Provider scheme would be reviewed upward from Feb. 1.

Port Harcourt Electricity Distribution Company (PHED) will on Feb. 1 begin the implementation of 7.5 per cent Value Added Tax (VAT) to customers in four states.

Vice-President Yemi Osinbajo on Saturday asserted that the Finance Act 2020 would stimulate the Nigerian economy and put the country on the path of geometric economic growth.

Economists at Financial Derivative Company (FDC) have said the country will experience a rise in the inflation rate and a further decline in its foreign exchange reserves as the government juggles various options to steady the economy on the path of growth in the year.

The Minister of Finance, Budget and National Planning, Mrs Zainab Usman, disclosed in Abuja that the implementation of Value Added Tax (VAT) new rate of 7.5 per cent will commence on February 1, 2020, after all the necessary administrative procedures have been completed, especially the gazette of the Act by the Federal Ministry of Justice.

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.

Minister of Finance, Budget and National Planning, Mrs. Zainab Shamsuna Ahmed, on Tuesday commended President Muhammadu Buhari for signing the Finance Bill into law.

The increase of the Value Added Tax (VAT) rate from 5 per cent to 7.5 per cent has taken effect following the signing into law the Finance Bill, 2019, by President Muhammadu Buhari on Monday.