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DPR Generates N2.24Trn, Targets N5Trn By Year End 2021

The Director of the Department of Petroleum Resources (DPR), Engr. Sarki Auwalu, has disclosed that the department generated N2.24 trillion as at August this year, representing 70 percent of its earlier N3.2 trillion revenue target. Auwalu, who disclosed this when he led a team of DPR management on a courtesy visit to the Executive Secretary […]

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Fiji Exempts Climate, Disaster Risks Products From VAT

The Government of Fiji has granted value added tax (VAT) exemption to insurance firms for premiums on climate and disaster risk parametric insurance products for the people and corporate entities in the country. The fiscal initiative represents the first time any government in the country is making efforts to make disaster insurance more affordable for […]

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Buhari Seeks National Assembly’s Approval For New External Loans

President Muhammadu Buhari has requested the National Assembly to approve $4,054,476,863 and €710 million external loans for funding ongoing critical projects and other expenditures of government. This is even as the Executive is also seeking the legislature’s approval for grant components of $125 million in the 2018-2020 as part of the 2018-2020 external rolling borrowing […]

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Biden Administration Proposes Tax Hikes For Businesses, Wealthy

The U.S. CongressPresident Democrats on Monday unveiled a sweeping proposal for tax hikes on big corporations and the wealthy to fund President Joe Biden’s $3.5 trillion rebuilding plan. The Democrats proposed 39.6% tax rate on individuals earning more than $400,000, or $450,000 for couples, and there would be a 3% tax on wealthier Americans with […]

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OPEC Forecasts Sluggish Oil Market In Q4 2021 Amid COVID-19 Risks

The Organisation of Petroleum Exporting Countries (OPEC) has predicted a sluggish international oil market with world oil demand prospects looking promising as the COVID-19 Delta variant will distort performance of the oil sector in the last quarter of this year. OPEC made this disclosure in its just published Oil Market Report for September 2021 In […]

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Lagos To Commence VAT Law Implementation – Lawmaker

A member of the Lagos State House of Assembly, Hon. Setonji David, on Monday reiterated the state government’s determination to the implement the just signed Value Added Tax (VAT) Law in the state, despite last Friday’s Court of Appeal ruling for a stay of execution of a lower court order on the matter. The lawmaker […]

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FG Will Comply With Court Judgment On VAT – Adesina

The Special Adviser to the President on Media and Publicity, Mr. Femi Adesina, has assured that President Muhammadu Buhari-led government will abide by the final court judgment on the ongoing Value Added Tax (VAT) legal tussle between the states and Federal Inland Revenue Service . Adesina, who gave the assurance when he appeared on a […]

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VAT: LCCI Seeks Review Of Revenue Sharing Formula For States, LGs

Lagos Chamber of Commerce and Industry (LCCI) has canvassed the need for adjustment of the current revenue sharing formula at the sub-national levels to boost internally generated revenue (IGR) of the states and by so doing, facilitate broad-based grassroots development. The organized private sector (OPS) group in a statement issued by its Director General, Dr. […]