Fed Govt Earned N454.69bn From VAT In Q4, 2020         The Federal Government generated N454.69bn from Value Added Tax in the fourth quarter of 2020. The National Bureau of Statistics disclosed this in its report on ‘Sectoral distribution of Value Added Tax’ for fourth quarter of 2020. Part...

Nigeria Lost $178bn To Tax Evasion By Multinationals - FIRS         The Executive Chairman, Federal Inland Revenue Service (FIRS), Mr. Muhammad Nami, yesterday said the country lost over $178 billion (about N5.4 trillion) through tax evasion by multinationals doing business in the country between 2007 and...

FIRS creates 35 audit units to Tackle illicit financial flows In a bid to stem the tide of illicit financial flows out of Nigeria and improve tax compliance rate in the country, the Federal Inland Revenue Service (FIRS) created 35 additional Tax Audit Units in...

Agric-Based SMEs To Get 6 Years Tax Holiday         West Africa Tax leader and member of PwC Global Board for Leadership Development, Mr Taiwo Oyedele, has revealed that Small and Medium Enterprises (SMEs) and other small companies in agricultural production may be granted pioneer status for...

Fed Govt Removes VAT From Airfares, Aviation Services         About three years after a similar order, the Federal Government has again suspended the deduction of 7.5 per cent Value Added Tax (VAT) on airfares and other air transport services. The latest suspension order, scheduled to take effect...

Fed Govt Records 17.3% Shortfall In Companies’ Income Tax         Against the backdrop of pressures on the Federal Government’s finances and 2020 budget revenue estimates, an indication has emerged that the government may have already recorded a shortfall of 17.3 per cent in the Company Income...