A former Minister of Finance, Mrs. Zainab Ahmed, yesterday said the federal government was planning to increase the rate of value-added tax (VAT) to 7.5 per cent from the current five per cent by 2020. This is as the government seeks to shore up falling revenue, according to Bloomberg. Speaking at the Bloomberg Emerging &

The Tax Appeal Tribunal, South East Zone, has said that gratuities are tax exempted under the Personal Income Tax Act. The tribunal made the declaration while delivering judgement in the appeal Nigerian Breweries Plc brought against Abia State Board of Internal Revenue, challenging the decision of the Board to tax gratuities paid to its employees.

In line with its commitment to deepen the capacity and growth of businesses in Nigeria, particularly the Small and Medium Scale Enterprises (SMEs), First City Monument Bank (FCMB) will on June 26, 2019 host a seminar on tax matters in Lagos. The seminar, tagged, ‘’Tax Enforcement and Implications on Businesses in Nigeria’’, is aimed at

The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has stated that it has so far recovered the sum of N57.7 billion from Deposit Money Banks (DMBs) in its ongoing monitoring and verification exercise on tax collections by the financial institutions. The banks had been contracted by both the Federal Inland Revenue Service (FIRS) and the

Rivers State Internal Revenue Service (RIRS) has set July 1, 2019 as a final plan and rollout date for the rollout of the state’s much-talked about informal sector tax drive. The state has also completed tax delineation of the state into tax zones. The executive chairman of the RIRS, Adoage Norteh, who broke the news