Experts and groups such as the Nigeria Employers’ Consultative Association have said the recent increase in the Value Added Tax rate from five per cent to 7.2 per cent will lead to closure of many businesses. The Head of Tax and Corporate Advisory Services at PricewaterhouseCoopers, Taiwo Oyedele, said the new VAT rate would shrink […]
VAT hike will kill businesses, shrink GDP – Experts Read More »
Value Added Tax (VAT) is a consumption tax levied at each stage of the supply chain and ultimately borne by the consumers. The tax was introduced in Nigeria in 1993 via the Value Added Tax Act (VATA), after a recommendation by a study group that was set up in 1991 to review the Country’s entire
The Federal Executive Council (FEC) has approved a proposed 44 percent increase in Value Added Tax (VAT) on Wednesday despite experts advising against such move given current headwinds. The Minister of Finance, Budget and National Planning, Hajiya Zainab Ahmed, disclosed this on Wednesday. According to her, the FEC approved a 2.2 or 44 percent increase
The new rules, originally set to come into effect from 1 October 2019 and now deferred for 12 months, mark a complete overhaul of the way VAT is payable on building and construction invoices. Under the domestic reverse charge the customer receiving the service will have to pay the VAT owed straight to HMRC instead
U-turn on start date for construction industry reverse charge VAT Read More »
The head of the Federal Inland Revenue Service (FIRS) Mr. Babatunde Fowler and his team has announced plans to apply Value Added Tax (VAT) to online transactions starting from 2020. This has not gone down well with ordinary consumers in the country who think it will dent their choice in online payments. The Federal government’s
Fowler’s Foul Play: FIRS Dents Online Payments With VAT Read More »
Businesses operating in Nigeria’s internet space are preparing to add value-added tax (VAT) to their cost of doing business. Babatunde Fowler, executive chairman of the Federal Inland Revenue Service (FIRS) recently announced that the service will extend its tax net by charging 5% VAT on online transactions. Since its inception, the Muhammadu Buhari-led administration has
Businesses that may be affected by FIRS’ new VAT policy Read More »
The revenue generated from Value Added Tax (VAT) in the second quarter of 2019 (Q2’19) rose by 17 percent to N312 billion from N269.79 billion in the corresponding period of 2018. The National Bureau of Statistics (NBS), yesterday, disclosed this in its sectoral distribution of Value Added Tax (VAT) data for Q2 2019. The report
The Executive Chairman of the Federal Inland Revenue Service (FIRS), Babatunde Fowler, has again reiterated that the payment of VAT on VATable online transactions is required by the law. But while this is true by all means, Nigerians have continued to express their misgivings to this development. There are many reasons why Nigerians have continued
Online VAT maybe “the law”, but Nigerians are not having it Read More »
The Federal Inland Revenue Service (FIRS) and other African countries’ tax agencies are strategising to ensure owners of infrastructure investments in the continent are properly taxed, especially in the aspect of Value Added Tax (VAT). Over a trillion dollars is slated for investment towards infrastructure development over the next 10 years in the continent. Speaking
The Federal Government generated N311.94bn between April and June; statistics provided by the National Bureau of Statistics have shown. In the first quarter of the year, January to March, the country generated N289.04bn through VAT. NBS revealed that N269.79bn was generated in Q2 2018 representing 7.92 per cent increase Quarter-on-Quarter and 16.95 per cent increase
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