FSDH Merchant Bank, yesterday, cautioned the federal government against the proposed hike in Value Added Tax (VAT) rate, even as it recommended measures for increasing VAT revenue by 218 percent. The bank, in its monthly Economic and Financial Market Outlook, stressed that the proposed increase in VAT rate to 10 percent from five percent will …
FSDH advocates strategies to raise VAT revenue by 218% Read More »
The International Monetary Fund (IMF) has called on the federal government to end fuel subsidies in the country. It also urged them to create a timeline to recapitalise weak banks in the country. Concise News understands that the IMF said this at the conclusion of the IMF Executive Board 19 Article IV Consultation with Nigeria. …
What IMF Told President Buhari About Fuel Subsidies, Increase In VAT Read More »
The Federal Government plans to finance Nigeria’s N1.859tn budget deficit in 2019 by introducing new taxes and adopting a concessionary financing system under its privatisation programme. The government also stated that the projected deficit, at 1.33 per cent of the Gross Domestic Products, was still within the threshold stipulated in the Fiscal Responsibility Act 2007. …
FG to fund 2019 budget deficit with new taxes, concessions Read More »
The International Monetary Fund says the Nigerian economy is recovering with increased Gross Domestic Product (GDP) in 2018 and falling inflation at the end of 2018. The Executive Board of the IMF stated this in its report at the conclusion of the Board’s consultation with Nigeria, according to a statement issued in Washington, DC by …
IMF praises Nigerian economy, urges elimination of tax incentives, suggests VAT ‘reform’ Read More »
In recognition for his contributions to the development of the accountancy profession in the country, the Institute of Chartered Accountants of Nigeria (ICAN) has nominated Otunba Lateef Owoyemi, for year 2019 ICAN Award in the Members’ Category. According to a letter personally signed by Alhaji Razak Jaiyeola, president of ICAN, the honour is for Owoyemi’s …
Individuals and corporate bodies found guilty of tax evasion are to henceforth lose their properties to the Federal Government, the Chairman, Federal Inland Revenue Services (FIRS), Babatunde Fowler, has said. This was as he equally disclosed that the tax agency surpassed its target for 2018 by generating a total of N5.32 trillion. Fowler disclosed this …
Tax Defaulters To Lose Property To Govt — FIRS Boss Read More »
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