Tag
VAT
news and stories about VAT
In the first quarter of 2024, Value Added Tax (VAT) paid by Nigerians increased from N1.20 trillion in Q4, 2023 to N1.43 trillion in the first three months of 2024. This represents an increase of 19.21% when compared quarter-on-quarter.
President Bola Ahmed Tinubu plans to discontinue the payment of taxes and levies in foreign currency through an executive order.
The federal government is considering introducing excise duties in the telecoms, lottery and gambling industry and an increase in the Value Added Tax (VAT) rate.
Taiwo Oyedele committee has proposed sweeping reforms to the country’s Value-Added Tax (VAT) system, including increases in VAT rates on certain goods and services to offset the removal of multiple consumption taxes currently imposed by various states.
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 legal proceedings between the Abuja Electricity Distribution Company (AEDC) and the Federal Inland Revenue Service (FIRS) have hit a standstill following AEDC's non-compliance with a Federal High Court order in Abuja.
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).
Nigeria has recorded a 45.02% increase in its Value Added Tax (VAT) collections, amassing a total of N3.64 trillion in 2023, according to data from 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 Federation Accounts Allocation Committee (FAAC) has announced the distribution of N1.15 trillion in revenue to the three tiers of government in February 2024, marking an N20 billion increase (1.77%) from the N1.13 trillion allocated in January 2024.
The World Bank has asked the federal government to increase the VAT rate as a measure to boost non-oil revenue into the FG’s coffers.
Nigeria’s Value Added Tax (VAT) collection increased by 21.34% from N781.35 billion in the second quarter to N948.07 billion in Q3, 2023.