Value Added Tax

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.

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

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.

Some financial experts on Thursday said that Value Added Tax (VAT) increment by the Federal Government would further dampen purchasing power of Nigerians.

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.

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.

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.

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

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 nations are targeting to invest $1 trillion over the next 10 years to bridge the worrisome infrastructure gap on the continent.

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

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.

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.

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.

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.

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.

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.