VAT

Civil Society Organizations (CSOs), under the auspices of The Tax Justice and Governance Platform, (TJGP) have called on the federal government to concentrate more efforts on ensuring the proper collection of appropriate taxes than increasing the Valued Added Tax.

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 Presidency Monday, raised the alarm that the country might be heading for a fiscal crisis unless urgent steps were not taken to halt the negative trends in target setting and realisation in government revenue.

The Auditor-General of the Federation, Anthony Mkpe Ayine, has begun deep engagements with key federal agencies in his efforts to improve the credibility of public finance administration in Nigeria.

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 Oyo State Government has assured the people of the State that the present Administration would not increase tax on small and medium scale enterprises in its drive to soar up its revenue base.

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.