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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).
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.
President Muhammadu Buhari on Tuesday said the 50 per cent additional revenues to be raised from the increase in Value-Added Taxes (VAT) would be used to fund health, education, and infrastructure.
Justice Rilwanu Aikawa of the Federal High Court in Lagos has barred the Federal Inland Revenue Services (FIRS) from enforcing VAT provisions on goods and services consumed in hotels, restaurants and event centres in Lagos State.
Human Rights Lawyer, Femi Falana, has called on the Federal Government to propose a Money Bill to the National Assembly before the implementation of the increase in Value Added Tax (VAT).
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 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 Lagos State Government has rejected an injunction by a Federal High Court sitting in Ikoyi which temporarily restrained it from enforcing the provisions of the 2017 Hotel Occupancy and Restaurant (Fiscalisation) Regulations 2017.
Finance Minister, Mrs Kemi Adeosun, has explained that the Voluntary Assets and Income Declaration Scheme (VAIDS) is underpinned by the existing tax laws in the country.
Barcelona midfielder Philippe Coutinho who is currently on loan at Bayern Münich could play against Barcelona in the quarter-finals of the Champions League if Barcelona manages to knockout Napoli, and if Bayern defeats Chelsea.
The Kebbi State Government has commenced the construction of road networks in Gwandu and Argungu Local Government Areas of the state.
Gun wielding kidnappers numbering 10, on Friday evening attacked Isinbode Ekiti in Ekiti East Local Government Area of the State and abducted three persons.
The Nigeria Investment Promotion Commission (NIPC) has restated its commitment toward promoting Nigeria’s investment opportunities.
California will release up to 8,000 more prisoners to reduce the spread of the coronavirus in its crowded jails, according to authorities in the US state, one of the hardest hit by the pandemic.
The Appeal Court in Abuja, on Wednesday fixed July 16 to hear an appeal filed by former Rivers All Progressives Congress (APC) Chairman Caretaker Committee, Isaac Ogbobula.
The Minister of Information and Culture, Alhaji Lai Mohammed, has condoled with the Government and people of Kwara over the death of Alhaji Adisa Aminu, the late Chief of Staff to Gov. Abdulrahman Abdulrazaq.
Thiago Alcantara may be an “unbelievable” player, concedes Jose Enrique, but that does not make the Bayern Munich midfielder the “best fit” for Liverpool.
South Sudan’s central bank said it cut its benchmark interest rate to 10% from 13%, as part of efforts to mitigate the effects of the coronavirus outbreak on the economy.
Amidst the ongoing coronavirus (COVID-19) pandemic ravaging the world, Burkina Faso, on Monday, concluded the vaccination of 174,304 children, the World Health Organisation has said.