The Nigerian Stock Exchange (NSE) is in talks with authorities of the federal government to be considered for a five year extension of value added tax (VAT) over transactions performed on the floor of the Exchange.VAT text on wooden cubes above office calculator suggesting tax time or payment. Oscar Onyema, chief executive of the Exchange, […]
NSE bargaining with FG for extension of VAT holiday 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
Recently, the Tax Appeal Tribunal (TAT) sitting at Lagos held that a taxpayer can object via online means to FIRS tax assessments. This decision was made in Earth Moving International Limited v FIRS. FIRS assessed Earth Moving International Limited (Earth Moving), to tax of over Twenty-Five Million Naira. Earth Moving objected to this tax assessment
THE TAX APPEAL TRIBUNAL ALLOWS ONLINE OBJECTION TO TAX ASSESSMENT Read More »
The President of Chartered Institute of Taxation of Nigeria (CITN), Olajumoke SImplice, has asked the Federal Government to amend the tax law, especially the new Value Added Tax. The CITN boss explained that the challenge with the increment was that it would affect cost of goods and items as manufacturers would have to pay higher
CITN President asks govt to exempt SMEs, raw materials cost from new VAT Read More »
There are growing concerns by housing professionals on the possibility of fresh housing crisis in the country should the proposed Value Added Tax (VAT) by the federal government be implemented in 2020. Although government has stated that the process of increasing the VAT rate would involve extensive consultations with state governments and local government authorities,
Built sector in apprehension over proposed VAT rate Read More »
Oyo State Government has reiterated its assurance to the people of the state that the administration will not increase tax on business enterprises to increase the Internally Generated Revenue (IGR) of the state. Executive Chairman, Oyo State Internal Revenue Service (OYSIRS), John Adeleke, who gave the reassurance in a chat with journalists in his office,
We’ll not increase tax to improve IGR, Oyo State reassures entrepreneurs Read More »
Nigerians may have to pay 9 percent service tax for using communication service if the Communication Tax Bill before the Senate is passed by the two chambers and approved by President Muhammadu Buhari. The new Bill entitled ‘Communication Tax Bill, 2019 (SB.12)’ was sponsored by Senator Ali Ndume, Chairman of the Senate Committee on Army.
Senate to Reject VAT Increase, Proposes 9% Communication Tax Read More »
Prince Clem Agba, the Minister of State for Budget and National Planning, has said the 50 percent increase in Value Added Tax (VAT) will aid infrastructure development across the country. The Federal Executive Council (FEC) had approved a 50 percent increase in VAT from 5 percent to 7.5 percent in September. The new rate expected
VAT to Aid Infrastructure Development, Social Amenities – Agba Read More »
Nigeria’s experts kicked against the International Monetary Fund (IMF) call for a tax increase as a means to fund the country’s high cost of servicing debt. This was after the Debt Management Office (DMO) reported that Nigeria’s total debt rose by 5.11 percent or N1.3 trillion in the first half of 2019 to N25.701 trillion.
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