The Federal Inland Revenue Service has said that it will soon begin the collection of Value Added Tax on online transactions. The Chairman of the agency, Mr Babatunde Fowler, made the disclosure in an interview with the News Agency of Nigeria in New York on Saturday. Fowler said, “Soon, we will ask banks to impose […]
FIRS to begin collection of VAT on online transactions —Fowler Read More »
The Nigerian Association of Liquefied Petroleum Gas Marketers (NALPGAM) on Thursday commended the Federal Government for the removal of Value-Added Tax (VAT) on locally sourced Liquefied Petroleum Gas (LPG). The NALPGAM President, Mr Nosa Ogieva-Okunbor, said on Thursday in Lagos that the Federal Government had approved the removal of VAT on LPG and gazette the
The Nigerian lottery and gaming industry has seen a lot of growth and expansion in recent years. This is mostly driven by the growing popularity of the sports betting segment fuelled by the huge followership of premiership football and other similar sporting activities. The number of participants in this industry has been on a steady
Should Value Added Tax Apply On Lottery And Gaming Activities In Nigeria? Read More »
In a bid to refloat the economy and escape another recession in the economy, stakeholders have proposed an increase in Value Added Tax (VAT) and reintroduction of toll gates on Nigerian roads. One of the stakeholders who is also the Lead Director of Centre for Social Justice, Eze Onyekpere, advised President Muhammadu Buhari and the
Stakeholders seek VAT increase, reintroduction of tollgates Read More »
The Central Bank of Nigeria (CBN) and the Federal Inland Revenue Service (FIRS) have taken opposing positions on revenue remittances by the latter to the Federation Account domiciled with the apex bank. Their disagreement emanates from a shortfall in revenue generated from Petroleum Profit Tax (PPT), Value Added Tax (VAT) and Company Income Tax (CIT),
CBN, FIRS Differ Over N26.7bn Remittances To Federation Account Read More »
Nigerian workers always posit that “their take-home pay does not take them home.” Such is the tale of the Nigerian worker – who lives miserly because he earns poorly. The Federal government of Nigeria has now remarkably increased workers’ minimum wage. The government has hinted that it will increase Value Added Tax (VAT) to fund
The Nigeria Labour Congress (NLC) President, Ayuba Wabba, has warned the Federal Government against any attempt or means to increase the Value Added Tax (VAT). Wabba, represented by NLC Deputy National President and President of Nigeria Union of Teachers (NUT), Dr. Nasiru Idris and Ibrahim Walama, stated this yesterday at the 11th state delegates’ congresses
The Federal Inland Revenue Service is seeking the support of the Central Bank of Nigeria to track payment of Value Added Tax made electronically by foreign entities that are not registered in Nigeria. The agency said this in a document detailing its strategic revenue growth initiatives for 2019 to 2021 which was submitted to the
About four months ago, President, Muhammadu Buhari presented a total of N8.83 trillion as the proposed budget for the fiscal year 2019 to a joint session of the National Assembly. Close to N7trillion of that figure, representing 79 per cent of the total, is expected to be financed by government from different revenue resources major
The Bishop of Ife Diocese, Anglican Communion, Ile-Ife, Osun State, Rt. Rev. Olubunmi Akinlade, has urged the Federal Government to drop the idea of increasing the rate of Value Added Tax by 50 per cent. The bishop said increasing the VAT from its current five per cent to 7.5 per cent would have multiplier economic
Anglican bishop advises FG against increasing VAT Read More »
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