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VALUE ADDED TAX
news and analysis about Value Added Tax
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VAT is imposed on all goods and services sold in Nigeria, including imports; as stipulated under section 4 of the VAT Act, except for items that are VAT exempt.
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FEC approved a 44% increase in Value Added Tax (VAT) from 5.0% to 7.2%, Mrs Zainab Ahmed, disclosed that the application of the new rate.
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Nigeria generated a total sum of N289.04 billion Value Added Tax (VAT) in the first quarter of 2019, a 3% decline when compared to the N298 billion generated in the fourth quarter of (Q4) 2018.
The Federal Inland Revenue Service will start taking Value Added Tax on online transactions any moment from now according to its chairman, Babatunde Fowler.
The Federal Inland Revenue Service plans to generate about N750 billion from about 55,000 millionaire tax debtors. The FIRS intends to achieve this target with the bank accounts substitution exercise.
The FIRS identified identified the tax defaulters through the bank accounts substitution initiative which it embarked upon earlier this year.
The National Leader of the All Progressives Congress, Bola Tinubu has cautioned the Federal Government against increasing the Value Added Tax.
Over the past two years, VAT improved most in 2017, but slightly dropped in 2018.
Nigeria's Value Added Tax (VAT) may inch up to 7.5% from the current rate of 5%.