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FG Backs FIRS On VAT Collection

Barely 24 hours after the President of the Senate, Senator Ahmad Lawan, expressed support for continued  collection of the Value Added Tax (VAT) nationwide by the Federal Inland Revenue Service’s (FIRS’) in spite of the legal tussles between the agency and state governments over collection of the consumption tax, the Federal Government on Thursday also […]

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World Bank Forecasts Below Pre-COVID-19 GDP Per Capital For Nigeria, 39 Others

The World Bank has predicted that Nigeria and 39 other countries’ Gross Domestic Product (GDP) per capital may not reach the pre-COVID-19 levels even by 2026, despite modest recoveries in most of the economies and analysts’ growth rates forecasts. The Breton Woods institution made the forecast in its new report titled ‘From Double Shock to […]

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FG, Other Tiers Shared N696.965Bn In August – FAAC

The Federation Accounts Allocation Committee (FAAC) on Wednesday disclosed that the three tiers of government shared a total sum of N696.965 billion as distributable revenue from the Federation Accounts in August. The FAAC gave the figures in a communiqué issued at the end of its virtual meeting in September 2021. The committee stated that N696.965 […]

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FIRS Chairman Tasks Tax Systems’ Stakeholders On Digital Skills

The Executive Chairman of the Federal Inland Revenue Service (FIRS), Mr. Muhammad Nami, on Tuesday charged tax regulators and other industry stakeholders to rise up to the challenge of being in a position to tap into the stream of opportunity that advancements in science and technology afford them as a strategic option of improving their […]

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World Bank’s 3rd Tax Conference Kicks Off Sept 30

The 3rd World Bank Tax Conference, co-organized with the TaxDev Centre, with the theme ‘New Tax Instruments’ has been scheduled to virtually hold from September 30 through October 1, this year. A notice by the Breton Woods institution indicated the conference would bring together leading researchers and policymakers to discuss recent research on new tax instruments, including, taxes on the […]

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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 […]