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 […]
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 […]
The Federation Account Allocation Committee (FAAC), on Wednesday confirmed at the end of its meeting held in Abuja that the three tiers of government shared N702.058 billion as allocations from the Federation Account for the month of October 2019. The distributions were from Statutory Revenue, Value Added Tax (VAT), Exchange Gain and Solid Minerals Revenue, […]
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 […]
Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, on Friday appealed to Nigerians to show understanding on the proposal by the government to increase Value Added Tax (VAT) rate from 5% to 7.5% in view of the fiscal necessity to boost the nation’s non-oil revenue earnings to finance critical programmes of the […]
The Federal Account Allocation Committee (FAAC) on Thursday disclosed that the three tiers of government shared the sum of N740.880 billion in August from revenue accruals to the Federation Account during the month. A breakdown of shared revenues to the tiers of government showed that Federal Government got N301.804 billion, representing 52.68 per cent, while […]
The Federation Account Allocation Committee (FAAC) reported on Tuesday that the three tiers of government shared a total sum of N617.566 billion in March from revenue accruals into the Federation Account. This figure was contained in a communique issued by the Technical sub Committee of the FAAC at the end of its meeting in Abuja. […]
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 […]
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 […]
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 […]