The Chairman of the Federal Inland Revenue Service, FIRS, Zacch Adedeji, has said the current tax law benefits only three states, which receive more than 70 percent of the Value Added Tax, VAT, leaving others with a margin percentage. Adedeji…
By Esther Agbo The Federal Government of Nigeria to implement a significant increase in the Value Added Tax (VAT) rate from its current level of 7.5 percent to 15 percent. This decision, part of a broader strategy to bolster local…
By Matthew Denis, Abuja As part of efforts by the Federal Government of Nigeria to cushion the effects of inflation on businesses and its citizenry, the Government is set to implement the executive order granting zero Value-Added Tax (VAT) and…
By Matthew Denis In a bit to cushion the effects of the inflation in the market, the Federal Government has concluded on the Executive Order Harmonized Implementation Framework, paving the way for zero Value-Added Tax (VAT) and excise duties on…
…New policy will lower cost of living — Minister By Matthew Denis In order to reduce the hardship on Nigerians, the Federal government has exempted some range of key energy products and infrastructure, including Diesel, Feed Gas, Liquefied Petroleum Gas…
The Federal Government has debunked claims that it plans to increase the Value Added Tax (VAT) rate from 7.5 percent to 10 percent. The Minister of Finance and Coordinating Minister of the Economy, Wale Edun disclosed this in a statement…
…As FG, States, LGCs share N1.3trn By Mathew Denis, Abuja Value Added Tax (VAT) for the month of June 2024 increased by N65.020 Billion according to a Communique issued by the Federation Account Allocation Committee (FAAC). According to the FAAC,…
Nigeria is set to tap into its cryptocurrency market, which is valued at $56.7 billion, by implementing a 7.5 percent value-added tax (VAT) on crypto transactions. Starting on July 8, 2024, KuCoin, a crypto platform, will begin charging the 7.5…
…FG, States, LGs share N1.14trn By Seun Ibiyemi The Federation Account Allocation Committee (FAAC) has revealed that there was a sharp decrease in revenues accruing from the Value Added Tax (VAT), Import and excuse duties, amongst others. The FAAC made…
…Proposes harmonisation of consumption to promote ease of doing business …Seeks to introduce tax returns on gas companies An imminent review of the current percentage deducted for Value Added Tax (VAT) and the sharing formula amongst the federal, state and…
