Introduction: VAT, or Value Added Tax, is a consumption-based tax levied on goods and services at each stage of the supply chain. It is a multi-stage tax that is ultimately borne by the end consumer, as businesses collect VAT on their sales and remit it to the government. Implemented in 1993, VAT has become an […]
An Overview of VAT Tax in Nigeria: Understanding the Basics Read More »
Justice Rilwanu Aikawa of the Federal High Court in Lagos has barred the Federal Inland Revenue Services (FIRS), from enforcing VAT provisions on goods and services consumed in hotels, restaurants and event centres in Lagos State. Justice Aikawa gave the order while delivering judgment in the suit seeking to restrain the Attorney General (AG) of
Court bars FIRS from enforcing VAT on goods consume in hotels Read More »
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 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 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 »
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
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 »
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 »
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