VAT

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 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.

Lagos State Governor Babajide Sanwo-Olu has called for the creation and boosting of new sources of export in Nigeria’s bid to meet the yearning and aspiration of Nigerians just as he demanded a fair and just revenue sharing formula.

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

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.

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.

The presidency had made public the breakdown of Finance Bill, 2019, which was submitted to the National Assembly by President Muhammadu Buhari alongside the 2020 Appropriation Bill, and signed into law by the president on Jan. 13, 2020.

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.

Kwara State has received a total of N3.6bn as net allocation for the month of January 2020, Finance Commissioner Olasumbo Florence Oyeyemi said in a statement on Sunday.

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.