Nigeria’s minister of finance, budget and national planning, Zainab Ahmed, says the implementation of the new value-added tax rate will begin on February 1, 2020. Zainab Ahmed announced this at the ongoing inauguration of the Federal Inland Revenue Service (FIRS) board. President Muhammadu Buhari signed the finance bill, which increased VAT by 50% into law […]
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The Federal Government of Nigeiran has generated the sum of N311.94 billion from Value Added Tax (VAT) in the second quarter of 2019. The National Bureau of Statistics (NBS) disclosed this in a report titled ‘Sectoral Distribution Of Value Added Tax (Q2 2019)’ published on Tuesday. In the report, the figure generated in the Q2 […]
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The Federal Inland Revenue Service (FIRS) says it will impose value-added tax (VAT) on online transactions, both domestic and international, with effective from January 2020. This disclosure was made on Monday by FIRS executive chairman, Babatunde Fowler, at the African Tax Administration Forum (ATAF) technical workshop that held in Abuja. Mr. Fowler said a lot […]
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The International Monetary Fund (IMF) has expressed its support for the planned of Value Added Tax (VAT) by the Federal Government of Nigeria. IMF urged the federal government to end fuel subsidies and create a credible timeline to recapitalise weak banks in the country. The IMF Executive Board 19 Article IV Consultation with Nigeria, said […]
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A report by TheCable has shown that Aso Rock, Nigeria’s seat of executive power, failed to remit taxes, such as pay as you earn (PAYE), value added tax (VAT) and withholding tax (WHT), to the Federal Inland Revenue Service (FIRS) in 2016 — despite deducting at source. The two chambers of the national assembly also failed […]
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The Minister of Finance, Mrs. Kemi Adeosun, on Tuesday said about N797.51 billion revenue generated from Value Added Tax (VAT) between January and October was transferred into the Federation Account. Adeosun released details of the 2017 VAT collection in a statement by her Special Media Adviser, Mr Oluyinka Akintunde in Abuja, She said that the […]
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The National Bureau of Statistics (NBS) says that N246.30 billion was generated as Value Added Tax (VAT) in the second quarter of the year. The bureau gave the figure in its `Sectoral Distribution of Value Added Tax’’ for the Second Quarter released on Friday in Abuja. It stated that the value generated in the quarter was […]
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