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VAT Act

The Executive Chairman of the FIRS, Mohammed Nami, who was guest on a breakfast programme of the Nigerian Television Authority, urged all businesses to ensure that they register with the FIRS for VAT purpose.

Federal government begins implementation of 7.5 percent VAT

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).
President Muhammadu Buhari on Monday signed the finance bill into law.

New VAT rate takes off as President Buhari signs 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.
Timothy Olawale - Nigeria Employers’ Consultative Association (NECA)

NECA express reservations concerning 2020 Budget

Nigeria Employers Consultative Association, NECA, yesterday critically appraised the 2020 national budget presented before the Joint session of the National Assembly, on October 8, and expressed reservations over its intentions.
Mr Ben Akabueze, the Director General Budget Office, says the 2020 budget presented by President Muhammadu Buhari tagged the “Budget of Growth and Job Creation” clearly defines its objectives.

President Buhari: Increased VAT will fund health, education, infrastructure

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.
A lawyer walks through the compound at the Federal High Court in Ikoyi district in Lagos, Nigeria, May 8, 2018. REUTERS/Akintunde Akinleye

Court bars FIRS from enforcing VAT on goods consumed in hotels

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.

Femi Falana: What federal government should do before implementing increase in VAT rate

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).

7.2% VAT: Federal government to make N2 trillion in 2020

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.

Ministry: Why 7.5 percent VAT is necessary

The federal government has defended its decision to increase Value Added Tax (VAT) from 5 to 7.5percent.
Timothy Olawale - Nigeria Employers’ Consultative Association (NECA)

NECA: 7.2% VAT will render new minimum wage useless

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.
The minister of Finance, Budget and National Planning Mrs Zainab Ahmed disclosed this on Tuesday during her maiden meeting with top officials of the two merged ministries at the headquarters of Budget and National Planning in Abuja.

Nigerians anticipate price hikes as federal government raises VAT to 7.2 percent

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.
President Muhammadu Buhari has felicitated with all the 2019 Nigerian pilgrims over the successful completion of their Hajj rites and the Eid-el-Kabeer celebration.

Federal government raises VAT to seven percent

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.
Timothy Olawale - Nigeria Employers’ Consultative Association (NECA)

NECA cautions state governments on VAT increase

Against the backdrop of President Muhammadu Buhari’s advice to state governments to increase Value Added Tax (VAT) in an attempt to increase their revenue, the organised private sector (OPS) has tasked the states to enlighten the masses.

Tribunal reverses FIRS’s N29.2 VAT on bank

The Tax Appeal Tribunal, sitting in Abuja on Wednesday, reversed N29.2 million Federal Inland Revenue Service’s (FIRS) imposed as value added tax on Infinity Trust Mortgage Bank.

Lagos government to challenge court order suspending consumption tax law

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.

VAIDS supported by existing tax laws – Kemi Adeosun

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.

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