Value Added Tax

Nigeria’s value-added tax (VAT) collection increased from N327.2 billion recorded in Q2 2020 to N424.71 billion in Q3 2020, as other manufacturing sector led the pack with N47.07 billion remittance, according to  the National Bureau of …

…Avoid unnecessary spending, Sanwo-Olu charges counterparts

President Muhammadu Buhari, on Monday, signed the Finance Bill, 2019 into law.  The president personally announced this through his verified twitter handle @MBuhari.  The Finance Bill, 2019 (the Bill), presented by President Muhammadu…

The country earned a total of N876.09bn from Value Added Tax in the first nine months of this year, statistics released by the National Bureau of Statistics have revealed. The NBS in its VAT report which was released on Monday said…

Dwindling oil production output, weak revenue generation, huge debt servicing cost are some of the indices, threatening the N10. 33 trillion 2020 Budget presented by President Muhammadu Buhari to a joint sitting of the National assembly on…

It is a season of taxes in Nigeria. First, it was the increase in Value Added Tax, VAT, a proposed tax on online transactions, the expected return of toll gates and now the proposed Communication Service Tax Bill. The bill, if passed, will…

President Muhammadu Buhari says the Finance Bill 2019 he forwarded to the National Assembly, when passed into law, will permit government to raise the country’s Value Added Tax (VAT) from 5 to 7.5 per cent. The Nigerian leader disclosed…

Organised labour on Wednesday threatened to embark on a nationwide strike from October 16, if the Federal Government fails to reconvene the meeting of the committee negotiating the consequential adjustment on the new minimum wage. The…

Some economists and trade experts have advised the Federal Government to ensure efficiency, transparency and probity in the collection of tax rather than increasing Value Added Tax (VAT). The experts spoke in separate interviews with…

Mr. Godwin Emefiele, the Governor of Central Bank of Nigeria (CBN), says the plan to increase Value Added Tax (VAT) from five per cent to 7.5 per cent is in the right direction to raise country’s revenue. Emefiele stated this while…