VAT Archives | Nairametrics

7.5% VAT: Implementation to begin Feb 1 – FG, FIRS redeploys 50 directors in massive shakeup ,FIRS moves to stop tax evasion with newly launched intelligence system , FIRS boss, Nami discloses why FIRS failed to meet revenue target under Fowler, FIRS to scale up tax compliance with new policies , FIRS tighten noose on deduction of stamp duty, CIT, others , Nigerians will now pay N50 stamp duty on electronic receipts – FIRS, Tax debt payments extended to August 31- FIRS

Hike in VAT rate buoys VAT Revenue in Q1 2020

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...

FAAN Recruitment scandal, Nigerians hit with over 60% delayed and cancelled domestic flights in 2018, Nigerian Airlines, delayed flight, Air travellers may soon witness fare hike due to VAT increase

Business News6 months ago

Air travellers may soon witness fare hike due to VAT increase

Air travelers in Nigeria should brace themselves for a significant increase in the amounts they will be paying for air tickets, going forward. #FAAN,#BA

How Federal Government plans to increase VAT to 7.2% affects you

Business News9 months ago

Buhari announces 2020 budget based on proposed 7.5% VAT increase

President Muhammadu Buhari has announced that the 2020 budget is based on a newly proposed Value Added Tax (VAT) of 7.5%. The disclosure was made by...

Business News9 months ago

Senate rejects VAT increase, proposes 9% tax on SMS, Data usage, others

The Nigerian Senate has rejected the proposed 7.5% VAT currently planned by the Federal Government to take effect by January 2020. Meanwhile, the lawmakers are seeking...

CBN advise government to adopt "Big Bang approach" to fixing economy

Business News10 months ago

CBN advises government to adopt “Big Bang approach” to fixing economy

CBN says VAT IS "too little" and called for "BIG BANG" approach

taxes, tax, IMF, business, FAAC disbursed N617billions in April, as South-South scoop N72billions, VAT, Finance Minister, Zainab Ahmed says Nigeria VAT collection rate is low, NBC, Rite Foods, others to pay new tax as FG identifies new revenue streams ,,Finance Minister reveals how World Bank, AfDB pushed FG into requesting Chinese loan

Business News10 months ago

FEC approves VAT increase of 7.5%, targets N7.5 trillion revenue

FEC approves VAT increase of 7.2%, targets N7.5 trillion revenue

Non-oil sector to contribute 80% of Nigeria’s Revenue in 3 years - FIRS , African countries should curb illicit financial flows - Babatunde Fowler , Nigerians react following the end of Fowler’s reign as FIRS boss

Business News11 months ago

Online VAT maybe “the law”, but Nigerians are not having it

The Executive Chairman of the Federal Inland Revenue Service (FIRS), Babatunde Fowler, has again reiterated that the payment of VAT on VATable online transactions is required...

Business News11 months ago

Nigeria generated N311.94 billion VAT revenue in Q2, highest in 7 years

The latest report released by the National Bureau of Statistics (NBS) shows that Nigeria generated N311.94 billion revenue from Value Added Tax (VAT) in the second quarter (Q2) of 2019.

BREAKING: FG's VAT charges on online transactions to commence, firs, Illegal Tax Deduction: FIRS to refund General Electric, Arco $2 million

Business News11 months ago

Updated: FG’s VAT charges on online transactions to commence

Effective from January 2020, the Federal Inland Revenue Service (FIRS) will begin to impose value-added tax (VAT) on online transactions.

Nigerian British firm, Bail-Out Fund: FG deducts N122 billion from states’ account in 7-months [Full-List] , JUST IN: Buhari submits 2020 MTEF to Senate , FG to intervene in tech operation as lockdown causes chaos in tech market

Business News11 months ago

FG, States, LGs shared N769.5 billion allocation in July

The Federation Account Allocation Committee (FAAC) disbursed the sum of N769.5 billion from the Federation Account to the three tiers of government in July 2019.