Tag
VAT
news and stories about VAT
The decline in VAT implies that uncertainty surrounds the effective implementation of the 2020 budget.
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 momentum as aggregate demand weakens due to a reduction in income levels and job losses brought about by the global pandemic.
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
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 the President while presenting the 2020 budget at the National assembly on Tuesday.
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 a legislative action to impose tax on Communication Services
CBN says VAT IS "too little" and called for "BIG BANG" approach
FEC approves VAT increase of 7.2%, targets N7.5 trillion revenue
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 by the law.
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.
Effective from January 2020, the Federal Inland Revenue Service (FIRS) will begin to impose value-added tax (VAT) on online transactions.
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.
The Federal Government will implement VAT on all online transactions. Find out how this affects you.