VAT collection increased by a decent 22.9% y/y to N1.1tn in 9M 2020 from N876.1bn in 9M 2019.
The total tax collection in the second quarter of 2020 increased by 8.2%
The decline in VAT implies that uncertainty surrounds the effective implementation of the 2020 budget.
Although we expect the recent increment in the VAT rate to support growth in VAT on locally produced goods, in the short term, we expect the...
FG made N1.1 trillion from VAT in twelve months, an amount lower than the projected N1.7 trillion, which the Federal Government set in the 2019 budget.
Zainab Ahmed disclosed that the new tax reforms as contained in the Finance Bill would help FG achieve its 2020 revenue estimate of N8.16 trillion.
The latest report released by the National Bureau of Statistics disclosed that Nigeria generated a total sum of N876.09 billion as VAT in 9 months.
“…for a nation to try to tax itself into prosperity is like a man standing in a bucket and trying to lift himself by the handle,”...
The Finance Bill which is targeted at amending six tax provisions in the country has been passed by the National Assembly.
The executive bill forwarded to the National Assembly to revise the Value Added Tax (VAT) Rate to 7.5% scaled the second reading yesterday.