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...

FIRS Remits N251bn Education Tax In Ten Months - TETFund         The Federal Inland Revenue Service (FIRS) collected N251 billion education tax in the first 10 months of year 2020 and remitted same to the Tertiary Education Trust Fund (TETFund) within the period. The Chairman, Board of...

CITN Seeks Holistic Review Of Tax Incentives         The Institute of Taxation of Nigeria (CITN) has called for a more holistic review of the country’s tax incentives regime. They urged that tax incentives must be properly structured towards achieving its objectives. President and Chairman of Council, CITN, Gladys...

Fed Govt Waives N1.3trn In Import Duty, VAT         The Federal Government yesterday, said it has waived import duty and Value Added Tax, VAT, valued at about N1.3 trillion in addition to other incentives in nine years to 2019. The Minister of Finance, Budget and National Planning,...

House To Probe Dormant VAT Waiver For Airlines       The House of Representatives is to probe the non-implementation of waiver of the payment of Value Added Tax (VAT) granted Nigerian Airlines two years ago. The removal of VAT for domestic airlines was approved in 2018 in an...