Tag
VAT
news and stories about VAT
The federal government has set a target of generating around N593.1 billion in 2024 from VAT collection.
FIRS has announced its intention to launch a nationwide VAT and WHT compliance monitoring exercise for all taxable individuals.
Manufacturing stakeholders have told Nairametrics that the waiver on diesel value-added tax (VAT) though good, is only a short-term relief, especially for manufacturers who are reliant on the commodity.
Stakeholders along the Nigerian diesel value chain have said that the 7.5% value-added tax (VAT) waiver granted by President Bola Ahmed Tinubu on October 1, 2023, is a short-term relief, especially for the manufacturing sector.
The review findings have unveiled the prevailing purchase range of diesel at the pump for Nigerians, fluctuating between N980 to N1150 per liter.
The Nigerian Electricity Regulatory Commission (NERC) has said that the customers who already paid for meters before the prices were increased should be supplied without additional costs.
In the second quarter of 2023, Nigeria's Value Added Tax (VAT) collections continued their upward trajectory, reaching a total of N781.35 billion according to the latest data by the National Bureau of Statistics (NBS).
About 63.1% of manufacturers enumerated disagreed that government capital expenditure encourages productivity in the manufacturing sector; 23.9% of those enumerated agreed, while about 13.1% were unsure.
The 7.5% value-added tax (VAT) on diesel has pushed pump prices to N900 at the least and N950 at the maximum across Nigeria.
The Chairman of the Presidential Committee on Tax Policy and Fiscal Reforms, Taiwo Oyedele, has advocated for the suspension of Value Added Tax (VAT) on Automotive Gas Oil (AGO) otherwise known as diesel.
Nigeria’s Federal Inland Revenue Service, FIRS, announced that it has extended the due date for submission of Companies' Income Tax for the 2023 year of Assessment.
CPPE commends President Tinubu's Executive Orders and emphasizes sensitivity to manufacturing sector challenges.