Economy News Extra Latest News Revenue Tax

Court Upholds Consumption Tax In Lagos, Restricts VAT Application

A Federal High Court has ruled that Value Added Tax (VAT) do not cover the field of consumption tax chargeable by states as the Constitution did not vest powers on the Federal Government to legislate over consumption tax on individuals or goods and services consumed in hotels, restaurants and event centres. With the ruling, the […]

Economy News Extra Latest News Revenue Agencies Taxation

FIRS Targets N750Bn From Millionaire Tax Defaulters In 2019

The Federal Inland Revenue Service (FIRS) has projected that it would rake in about N750 billion from about 55,000 millionaire tax debtors in the current fiscal year. The Executive Chairman of the revenue agency, Mr Tunde Fowler, made this forecast on Tuesday  while addressing the House of Representatives joint committees on Finance, Appropriations, Aid, Loans […]

Economy News Extra Latest News Taxation

Experts Set CSR, Tax Clarification Agenda For Govts, Corporates

Fiscal policy stakeholders, comprising the organised private sector, civil society and the public sector representatives, rose from a one-day workshop in Lagos with a four-point agenda for consideration by the Federal Government in order to properly define and appropriately classify corporate social responsibility (CSR) expenditures for tax returns purposes for businesses in the country. At […]

Economy News Extra Latest News Taxation Transportation

VAT Removal On Air Tickets To Reduce Passengers’ Burden – Buhari

President Muhammadu Buhari said on Thursday that the recent decision by the Federal Government to remove Value Added Tax (VAT) from domestic air transportation was to ease air travels, grow the sector and create job opportunities in the nation’s aviation sector. Buhari, who made the disclosures at the inauguration of the new International Terminal of […]