The Tax Appeal Tribunal, sitting in Abuja on Wednesday, reversed N29.2 million Federal Inland Revenue Service’s (FIRS) imposed as value added tax on Infinity Trust Mortgage Bank. The bank had challenged FIRS’s imposition of the amount at the tribunal challenging the demand notice. The tribunal chairman, Alice Iriogbe, delivering judgment, held that FIRS failed to […]
The Tax Appeal Tribunal sitting in Abuja on Wednesday fixed June 19, to deliver judgment in an appeal of N29. 2 million remittance on Value Added Tax (VAT) filed by Infinity Trust Mortgage Bank. The bank is challenging the Federal Inland Revenue Service (FIRS) for imposing the amount. The tribunal headed by Alice Iriogbe fixed
N29.2m VAT penalty: Tribunal fixes judgement for June 19 Read More »
State gaming regulators have called for a better understanding of their operations, unity of processes and licensing, especially from the lens of the National Lottery Regulatory Commission (NLRC).Under the aegis of Association of State Gaming Regulators in Nigeria (ASGRN), the body also kicked against plans by the Federal Inland Revenue Service (FIRS) to introduce Value
State gaming regulators kick against VAT, explain operations Read More »
As the Federal Inland Revenue Service (FIRS) prepares to impose Value Added Tax (VAT) on online transactions, the questions on many lips is how can it work in Nigeria? “What Nigeria (FIRS) needs to do is to first study digital economy; What does it mean? In which different areas do we have it? What are
The federal government’s non-oil revenue increased by 28.7 per cent to N322.93 billion in April, higher than the N251.01 billion recorded the previous month. But at N322.93 billion or 40.6 per cent of total revenue, the non-oil revenue was below the provisional monthly budget estimate of N466.91 billion by 30.8 per cent. The Central Bank
The ecommerce sector will experience a minor slowdown as government begins implementing automatic and direct collection of VAT on online transactions in Nigeria. See it this way: if a physical open market sells electric iron for N8, 000 and Jumia sells the same for N8,000, because Jumia’s customer will be required to pay VAT (5%
Nigeria’s Ecommerce 5% Challenge As FIRS Introduces VAT on Online Transactions Read More »
The National Bureau of Statistics (NBS) says Nigeria generated N289.04 billion from value-added Tax (VAT) in the first quarter of 2019, representing a decline N9billion from the N298.01 billion generated in Q4 2018. This is contained in a Sectoral Distribution of VAT report for the first quarter 2019 released by the bureau. This, it said,
The Nigerian Association of Liquefied Petroleum Gas Marketers (NALPGAM), has commended the decision of the Federal Government to remove Value Added Tax (VAT) from domestically produced Liquefied Petroleum Gas otherwise known as Cooking Gas. According to the association, the Federal Government signed the approval of VAT removal on LPG and gazetted same, after several pleas
NALPGAM hails removal of VAT on LPG, seeks reduction in duty Read More »
Nigerian airlines have expressed their misgivings over Nigerian Customs Service (NCS) delay to implement President Muhammadu Buhari’s Executive Order on the removal of Value Added Tax (VAT) from all forms of shared transportation taxes paid by local operating in the country. This comes as the Minister of State for Aviation, Mr. Hadi Sirika, announced that
VAT: Airlines count losses over Customs implementation delay Read More »
The Federal Inland Revenue Service generated N1.5 trillion revenue in the first quarter of 2019, according to its Chairman, Mr Babatunde Fowler. Fowler disclosed this to the News Agency of Nigeria in New York at the weekend. He said the amount included revenue from non-oil taxes that were 11 per cent higher than what the
FIRS posts N1.5tn revenue in Q1 of 2019, Fowler says Read More »
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