As federal government continues to contemplate ways to cover its increasing recurrent expenditure, the effect of tax burden on the citizens must be considered, writes Obinna Chima. The federal government recently gauged the willingness of citizens to accept an increase in Value Added Tax (VAT) in its quest to shore up its revenue. Even though […]
The Federal Government, through the Federal Inland Revenue Service, plans to generate N4.3tn from petroleum profit tax and N1.7tn through the Value Added Tax in 2019, The amount is part of the N8.8tn tax revenue needed by the government to finance the 2019 budget. Details of how the revenue would be generated are contained in
FG moots idea of raising N6tn from petroleum tax, VAT Read More »
A tax expert, Taiwo Oyedele, has urged the Federal Government to review its Value Added Tax (VAT) law and better policing of its borders to improve its VAT collections. Oyedele, Head of Tax and Corporate Advisory Services, PricewaterhouseCoopers (PwC), West Africa, gave the advice in an interview with the News Agency of Nigeria (NAN) on
The Federal Government, through the Federal Inland Revenue Service, plans to generate N4.3tn from petroleum profit tax and N1.7tn through the Value Added Tax in 2019, The amount is part of the N8.8tn tax revenue needed by the government to finance the 2019 budget. Details of how the revenue would be generated are contained in
The Executive Chairman of the Federal Inland Revenue Service (FIRS), Babatunde Fowler, has disclosed the agency’s plans to charge Value Added Tax (VAT) on gaming activities, as well as automate VAT collection from lottery operators in Nigeria. Are value-added tax (VAT) is a consumption tax placed on a product whenever value is added at each
Stakeholders Decry FIRS Plan to Commence VAT Collection on Gambling and Lottery games Read More »
VAT management is a solution to the complex process of VAT processing. It ensures that no VAT goes unclaimed while providing complete VAT tax compliance. VAT processing is every tax accountant’s nightmare. It gets worse with a multinational company. The task of researching on global VAT laws, the complex calculations, and the complication which results
Increase VAT Gains through Efficient VAT Management Read More »
Nigeria must embark on a comprehensive tax reform to “sustainably increase its non-oil revenue” considered to be among the lowest in ratios to GDP in the world, the International Monetary Fund (IMF) has said. The nation has important development needs “big time” and with its non-oil revenue to GDP at around 3.4 and total tax
Nigeria Must Increase VAT And Excise Taxes, IMF Insists Read More »
The Federal Inland Revenue Service on Monday announced plans to automate collection of Value Added Tax from operators in the nation’s lottery and gaming industry. The Chairman, FIRS, Mr Babatunde Fowler, disclosed this in Lagos at a stakeholders’ meeting organised in conjunction with the National Lottery Regulatory Commission with lottery and gaming operators. He said
Lottery, betting operators kick as FIRS automate VAT collection Read More »
FSDH Merchant Bank, yesterday, cautioned the federal government against the proposed hike in Value Added Tax (VAT) rate, even as it recommended measures for increasing VAT revenue by 218 percent. The bank, in its monthly Economic and Financial Market Outlook, stressed that the proposed increase in VAT rate to 10 percent from five percent will
FSDH advocates strategies to raise VAT revenue by 218% Read More »
The International Monetary Fund says the Nigerian economy is recovering with increased Gross Domestic Product (GDP) in 2018 and falling inflation at the end of 2018. The Executive Board of the IMF stated this in its report at the conclusion of the Board’s consultation with Nigeria, according to a statement issued in Washington, DC by
IMF praises Nigerian economy, urges elimination of tax incentives, suggests VAT ‘reform’ Read More »
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