Nigeria Generated N1.43trn from VAT in Q1 2024 – NBS The National Bureau of Statistics (NBS) says the country generated N1.56 trillion as value-added tax (VAT) between April and June this year. The figure represents an increase of 9.11 percent when compared to the N1.43 trillion...

Company Income Tax Revenue Surges by 150.83% In Q2 2024 – NBS Nigeria’s Company Income Tax (CIT) surged by 150.83 per cent to N2.47tn in Q2 of 2024. A report by the National Bureau of Statistics (NBS) said the increase was from N984.61bn recorded in Q1...

Dismiss Reports, VAT Remains 7.5% – Edun Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, on Monday dismissed circulating reports that the Value-Added Tax (VAT) rate has been increased from 7.5% to 10%. In a statement signed by him, the Minister confirmed...

Why 150-day Duty-free Food Importation is yet to Commence The Nigeria Customs Service (NCS) on Thursday, said the suspension of customs duties and taxes on imported food items will be implemented as soon as the service receives the list of beneficiaries from the Ministry of...

Lagos to Launch Electronic Tax Portal Mid-August The Lagos state government says it will launch its online tax platform on August 15. The platform is called the ‘Lagos Revenue Portal (LRP)’, said Abdul-Kabir Ogungbo, special adviser to Babatunde Sanwo-Olu, Lagos governor, on taxation and revenue. Ogungbo, who...

Tax Weaver on Essential Food Items Commences Next Week – Customs The Nigeria Customs Service (NCS) will begin implementation of weaver of taxes on import food items and drugs by next week. The Comptroller-General of NCS, Bashir Adeyini, announced this on Tuesday August 6, at...