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VALUE ADDED TAX
news and analysis about Value Added Tax
Nigeria’s Value Added Tax (VAT) collection reached a record N1.95 trillion in the fourth quarter (Q4) of 2024.
The Federal Government of Nigeria has said that the Tax Reform Bill, once enacted, will exempt real estate...
Nigerian lawyers have shared their views on the proposed derivation of Value Added Tax (VAT) based on consumption.
The Nigerian manufacturing sector has witnessed a significant surge in tax contributions, reaching a nine-month high in the second quarter of 2024 despite ongoing economic challenges.
Former Vice President Atiku Abubakar has sharply criticized the federal government’s proposed increase of the Value Added Tax (VAT) rate from 7.5% to 10%, warning that the move will exacerbate Nigeria’s already dire economic situation.
Crypto traders in Nigeria have kicked against plans by crypto exchange, KuCoin, to start charging Nigerian users of...
Navigating Nigeria's Regulatory Landscape: A Comprehensive Guide for Businesses to Ensure Compliance and Good Governance.
Nigeria has witnessed a significant surge in tax earnings from foreign firms, with figures nearly doubling in the span of one year. This significant fiscal boost is likely due to the weakening of the naira, which has increased the local currency's value of foreign transactions for Non-Import (foreign) Value Added Tax (VAT) and Foreign Company Income Tax (CIT) payments.
The Nigerian economy has displayed significant dynamism in the collection of Value Added Tax (VAT), with some sectors showing exceptional growth while navigating through a maze of challenges. In 2023, the country earned about N3.64 trillion from VAT, which is an increase of 45.02% from the previous year, according to the National Bureau of Statistics (NBS).
A new report from Ernst and Young estimates that 17 out of 24 banks might not meet the capital requirement from the CBN if it is increased 15-fold from its current N25 billion.
The Attorneys General of the 36 states of the Federation are scheduled to meet on Wednesday in Lagos to discuss several critical legal issues...
The government enjoyed the best of both worlds as the economic recovery spurred growth in both VAT and CIT collections.