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Non-Oil Contribution To Tax Revenue Hits 90% – FIRS

The Federal Inland Revenue Service (FIRS) on Thursday stated that non-oil tax receipts had consistently contributed 75% to 90% of total tax collections over the past few months. The FIRS Director, Communications and Liaison Department, Dr. Abdullahi Ahmad, quoted the Executive Chairman of the service, Mallam Muhammad Nami, as disclosing this during a courtesy call […]

Budgeting Economy News Extra Latest News Revenue Tax

Nigeria’s Economy To Rebound In Q1 2020 – Ahmed

The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed,has projected that based on current micro and macroeconomic indices of the nation’s economy, there are strong indications that the nation’s economy would rebound in the first quarter of next year. The past few months had been challenging for the federal government as the devastating […]

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Customs Service Generates N976.6Bn In Half Year 2020

The Nigeria Customs Service, NCS, has reported that it generated a total sum of N976.6 billion intothe Federation Account between January and August 2020. The disclosure, which was made public in a document released by the Service’s Public Relations Office, indicated that the larger chunks of the revenue collected were from import duty and Value […]

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Professional Services Sector Tops VAT Collections In Q3, 2019

The National Bureau of Statistics (NBS) has reported that out of the N275.12 billion raked in as Value Added Tax (VAT) in the third quarter of this year, the Professional Services sector accounted for the highest collection, totalling N32.09 billion,. Overall, the NBS, in its just published ‘Sectoral Distribution Of Value Added Tax (Q3,2019) report […]

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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 […]