Import Tax: FG Eyes N124bn from 0.5% Imposition The Federal Government is set to make about N124.26bn in a year from the imposition of a 0.5 per cent import tax on goods introduced in Finance Bill 2023. The Finance Bill 2023 which was signed into law...

Taxes On Products Rise By 112%, Now N3trn   Total taxes on products in the economy rose by 112.02 per cent from N1.43tn in 2019 to N3.03tn in 2022, coinciding with a Value Added Tax hike from five per cent in 2020 to 7.5 per cent...

AU: Nigeria, Others Target $220b Revenue from Taxes Nigeria and other members of African Union are taking steps to enact legislation to attract additional revenue of $220 billion from taxes. Also, there are moves to boost generation by approximately $40 billion from cross border transactions. Members of...

Banks Begin Collection Of Tax Certificate On Forex Requests   Commercial banks across Nigeria have announced that all Form A and Forex requests must include a valid copy of the applicant’s Tax Clearance Certificate (TCC) alongside other required documents on the Central Bank of Nigeria (CBN)...

AGF Faults Capitals Gain Tax Act, Needs Amendment   The Attorney General of the Federation and Minister for Justice, Abubakar Malami, SAN, and the Chairman of the Nigerian Law Reform Commission, Prof. Jummai Audi, have said the Capital Gains Tax Act, Cap. C1 LFN, 2004 has...

CITN Seeks Policy Review to Increase Tax Revenue The Chartered Institute of Taxation of Nigeria has said it is important to conduct a holistic review of the country’s international tax policies to have a framework that will increase tax revenue in the country. This was part...