FAAC revenue hits N6.28 trillion in Q2 2024 as VAT, import duties offset low oil earnings
The revenue of the Federation Account earnings (FAAC) rose to N6.28 trillion in the second quarter of 2024, driven by ...
Tag: VAT
news and stories about VAT
Tinubu rejects NEC’s proposal to withdraw tax bill, urges Council to follow ‘legislative process’
President Bola Tinubu has rejected the National Economic Council’s (NEC) proposal to withdraw the controversial tax reform bill, insisting the ...
Northern Governors reject proposed derivation model for VAT distribution in new tax bill
The Northern Governors Forum chaired by Gombe state Governor has rejected the derivation-based model for Value Added tax (VAT) distribution ...
FG proposes 25% effective tax rate on wealthy Nigerians earning N100 million monthly
The Federal government is looking at imposing a 25% tax rate on individuals earning N100 million and above monthly in ...
FG begins implementation of zero VAT, excise duties on pharmaceutical products to crash prices
The Federal government has announced the commencement of zero Value Added Tax (VAT) on pharmaceutical products and medical devices in ...
FULL LIST: 63 energy items excluded from VAT in new order from Ministry of Finance
The Federal Government has recently introduced VAT exemptions for a range of energy products, including diesel, Liquefied Natural Gas (LNG), ...
House of Reps orders GTBank to remit VAT on Remita commission from 2015-2022
The House of Representatives has ordered Guaranty Trust Bank (GTB) to calculate and remit Value Added Tax (VAT) on the ...
Proposed VAT reforms offer 0% tax on intellectual property and export of services
The Presidential Fiscal Policy and Tax Reforms Committee has proposed the introduction of a 0% VAT on intellectual property and ...
Top 10 sectors that paid the most VAT in Nigeria in Q2 2024
Nigeria's Value Added Tax (VAT) collections reached a total of N1.56 trillion collected across various sectors in the second quarter ...
FG refutes reports of VAT increase to 10%
The federal government has debunked claims that it plans to increase the Value Added Tax (VAT) rate from 7.5% to ...
