Cost of buying goods online may surge next year as the Federal Inland Revenue Service (FIRS) perfects plans to start charging 5 percent Value Added Tax (VAT) on online transactions. Mr Tunde Fowler, the Chairman, FIRS, gave the hint during an interview in his office in Abuja last week. The Chairman said payments for online […]
The Ekiti State House of Assembly on Tuesday, passed a new bill that would guide tax policy and revenue generation. The Speaker, Funminiyi Afuye, who passed the bill through a voice vote, commended the House Committee on Finance and Appropriation for a “good job.” He said, “Ekiti needs to look inwards at this challenging time
Capital market stakeholders have condemned the federal government directive to return Valued Added Tax (VAT), on all stock market transactions, saying the action is disincentive to investment. Already, dealing member firms of the Nigerian Stock Exchange (NSE), have been directed to charge VAT on all commissions applicable to market transactions effective July 25.A notice to
Stakeholders kick against VAT on equities transactions Read More »
The Federal Inland Revenue Service (FIRS), has taken the Midwestern Oil and Gas Company Limited to a Federal High Court, Lagos over failure to pay the outstanding tax liability due to the Federal government in the sum of $97,086,985. In an affidavit sworn to by a legal practitioner from the law firm of DAC legal
A tax expert and partner with Price water Cooper (PwC), Taiwo Oyedele, has said the current tax regime in Nigeria does not encourage informal businesses aspiring to formalize their operations. Oyedele spoke during a panel discussion at the Special Policy Dialogue Colloquium, entitled “Policy Change – The Enabler of Sustainable Growth”, organized by the Financial
How current tax regime discourages informal businesses in Nigeria – PwC expert Read More »
Following the expiration of the five-year Value-Added Tax (VAT) exemption on Stock Exchange transactions, it has been revealed that investors may lose as much as N2.5 billion yearly as additional costs on transactions. Reports said stakeholders in the Nigerian capital market have been expressing concerns on the matter just as the non-reversal of VAT payment
Investors may lose N2.5 billion annually to VAT enforcement – Reports Read More »
The Executive Director, Rural Women and Youth Development (RUWOYD), Sokoto State, Abudu Yusufu has urged governments to institute effective tax structures to increase the size of national budgets by raising corporate tax payment. Speaking at a Stakeholders Forum on Tax and Gender-Responsive schools under the ActionAid initiative of ‘Tax Justice & Gender Responsive Public Services
Shareholders under the aegis of Ibadan Zone Shareholders Association (IBZSA) have added their voices to calls on the federal government to extend the exemption of Value Added Tax (VAT) charges on transactions on the Nigerian Stock Exchange (NSE), pending when the economy and market fully recovers. The five-year exemption on brokerage commission and transactions fees
More Shareholders Want VAT Charges Exemption Extended Read More »
The Executive Chairman of the Federal Inland Revenue Service (FIRS), Tunde Fowler, has hinted that the country’s various tax and excise law reforms might soon be harmonised, as the agency inaugurated the reconstituted National Tax Policy Implementation Committee (NTPIC). Speaking at the inauguration ceremony, Fowler said since the committee had been officially put in place,
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The Federal Inland Revenue Service on Wednesday said it generated N5.23tn for the Federal Government in four years, aside from the income from crude oil. The Chairman of the FIRS, Mr Babatunde Fowler, stated this during his visit to the Chief of Army Staff, Lt Gen Tukur Buratai. He added that the army’s efforts in
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