The Federal Government’s aggressive pursuit of increased non-oil revenue to pare huge budget deficit, which has remained a yearly routine over the years, gained further traction last week, with plans by the lawmakers to enact Communication Service Tax (CST). But the move, like others, is still testing the controversial waters over its morality, workability and […]
Nigeria sustains ‘hunt without barriers’ in new tax drive Read More »
Telecom subscribers in the country are likely to pay an additional N261.18bn on voice calls, short message service and data in one year if the Senate passes the proposed Communications Service Bill into law. The bill, sponsored by Senator Ali Ndume from Borno South, aims to charge nine per cent on communication services and pay-per-view
MTN, Glo, Airtel, 9mobile subscribers, others to pay extra N261bn Read More »
It is common knowledge that Nigeria’s tax to Gross Domestic Product (GDP) ratio is one of the lowest in the world. At under 6%, it is far below the sub-Saharan African average of 20%. Nigeria is reputed to be among the countries in the world with the lowest tax compliance rate as recently corroborated by
Taxation in the Era of Global Information Exchange Read More »
Federal Inland Revenue Service has said that about 45 million Nigerians will be captured as taxpayers before December 2019. Mr Babatunde Fowler, Chairman, Joint Tax Board said this on Thursday in Ilorin at the inauguration of the new Tax Identification Number registration system and consolidated National Taxpayers’ Database for North Central zone. “Over the last
The Federal Government has confirmed the removal of Value Added Tax (VAT) on Liquefied Petroleum Gas (LPG) in Nigeria, otherwise known as cooking gas. This means that the cost of LPG, commonly referred to as cooking gas, will be relatively stable, thus attracting many investors and users in the country. The Chairman, Federal Inland Revenue
The Lagos State Government has urged all hotels, restaurants, and events centres operators in the state to respect the decision of the court on the Lagos State Hotel Occupancy and Restaurant (Fiscalisation) Regulations 2017. The state said this in a statement on Friday that a suit challenging the consumption tax law was dismissed by the
Consumption tax: Respect court judgment, Lagos tells hotels, restaurants Read More »
The Oyo State Government has reiterated its assurance to the people of the state that the administration would not increase tax on business enterprises in order to increase the Internally Generated Revenue (IGR) of the state. The Executive Chairman, Oyo State Internal Revenue Service (OYSIRS), Aremo John Adeleke, stated this in a chat with journalists
We are not increasing tax, other dues – Oyo govt Read More »
The Senate, yesterday, introduced an action to impose tax on Communication Services in the country. The planned new tax introduction Daily Sun learnt, is targeted at replacing the proposed 2.2 per cent increase in Value Added Tax (VAT) being mulled by the Executive. The Bill for an Act to establish the Communication Service Tax which
Senate rejects VAT increment, mulls communication service tax Read More »
The recent action of the Federal Inland Revenue Service whereby corporate organisations and business houses which have refused to pay up their tax liabilities to government are sealed off and prosecuted is most salutary. There is nothing wrong in government’s determination to enforce the payment of taxes in the country. There is an urgent need
Value Added Tax (VAT) is definitely the best-known tax in Nigeria. Apart from the fact that we find VAT on receipts given to us almost everywhere e.g at the mall, the cinemas, etc, the Federal Government has practically made Nigerians memorise everything about the proposed increase in VAT like some form of national anthem. We
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