….both countries still maintain zero tax on income Saudi Arabia and the United Arab Emirates (UAE) have introduced Value Added Tax (VAT) for the first time in their economic histories. The 5% tax took effect from1 January, 2018 in both countries and it is being applied to the majority of goods and services. It would […]
Revenue
U.S. Budget: Republicans Seek Fiscal Discipline To Reduce Deficit
The head of a conservative Republican faction in the U.S. Congress, Mark Meadows, who voted this month for a huge expansion of the national debt to pay for tax cuts, on Sunday urged budget restraint in 2018.
FG Loses $1.09bn Accruable Revenue In Gas Flaring Penalties
The Federation Account was short-changed of a whopping sum of $1,098,569,547 by oil and gas exploration entities during the 2015 fiscal year
Nigeria Loses $1.45bn To Oil Thefts In 2015 – NEITI
Nigeria Extractive Industries Transparency Initiative (NEITI) has reported that Nigeria lost about $1.45 billion to crude oil theft and other insecurity-induced abuses in the nation’s hydrocarbon resources industry.
Customs Service Generates Over N1trn Into Federation Account
The Nigeria Customs Service (NCS) has announced N1,012,259,006,779.74 as gross revenue it raked into the Federation Account in the current year
FG Commences Gold Purchase Scheme In Osun, Kebbi
The Minister of Mines and Steel Development, Dr Kayode Fayemi, has unveiled Federal Government’s plans to commence a Gold Purchase Scheme early next year
NSIA Invests In Nigeria Infrastructure Debt Fund
The Nigeria Sovereign Investment Authority (NSIA) has said it will invest in the Chapel Hill Denham Nigeria Infrastructure Debt Fund (NIDF).
NCP Approves Privatization Of Mining Corporation Subsidiaries
The National Council on Privatisation (NCP), at its 4th meeting on Friday, 15th December 2017, approved the privatisation of the remaining five out of the 23 subsidiaries of the Nigerian Mining Corporation (NMC).
RMAFC Supports Proposed Review Of Production Sharing Contracts
The Revenue Mobilization Allocation and Fiscal Commission (RMAFC) has expressed its support for the proposed review of the petroleum industry’s Production Sharing Contracts
NAMA Boss Tasks Workers On Revenue Generation Drive
Managing Director of Nigerian Airspace Management Agency (NAMA), Capt. Fola Akinkuotu, has charged workers in the agency to come up with useful ideas and suggestions on how best to boost the agency’s revenue.