Agents Predict 15% Rise in Car Import Over Tax Removal Licensed Customs agents have said that the removal of the import adjustment tax by President Bola Tinubu would boost car importation by 15 per cent. According to the founder of the National Council of Managing Directors...

Mechanics, Traders Decry Multiple Taxation, Pay N167bn   Nigerians engaged in wholesale and retail trade and repair of motor vehicles and motorcycles paid a total tax of N167.45bn between the first quarter of 2022 and Q1 2023. The total tax was raised from Value Added Tax and...

Fed Govt Targets N12bn From New Vehicle Tax   The Federal Government is set to make about N12bn a year from the N1,000 Proof of Ownership Certificate verification fee motorists are to pay. Last week, the Permanent Secretary, Lagos Ministry of Transportation, Abdulhafiz Toriola, disclosed this. He...

Report Reveals Real Estate Sector Paid N70bn VAT In Five Years   Value Added Tax (VAT) generated from the construction and real estate sector rose by 124 per cent from N10bn in 2018 to N22.45bn in 2022. An analysis of the National Bureau of Statistics’ quarterly VAT...

FIRS To End Multiple Taxation, Collect VAT The Federal Inland Revenue Service says it has commenced an initiative to end multiple taxation and collect Value Added Tax (VAT) from Market Traders Association of Nigeria (MATAN) and other informal sector operators. The association, with a membership of...

Inflation: LCCI Urges FG to Cut Taxes on Basic Items The Lagos Chamber of Commerce and Industry (LCCI) has called on the federal government to cut taxes on basic food items to mitigate the effect of rising inflation on the most vulnerable Nigerians. LCCI made the...