FAAC Shares N725.571bn March Revenue To FG, States, LGCs   The Federation Account Allocation Committee (FAAC) has distributed to the Federal, State and Local governments a total of N725.571 billion for March 2022. It was presented in a communiqué issued at the end of a virtual meeting...

VAT Revenue Rises By 33% To N2.07trn   The National Bureau of Statistics (NBS) said the federal government generated N2.07 trillion as Value Added Tax (VAT) last year. This represents a 33 percent Year-on-Year (YoY) increase in VAT when compared to N1.55 trillion generated in 2020. Findings from...

More Governors Resolve To Join VAT Collection Suit           South-south Governors Forum, yesterday, declared support for states’ collection of Value Added Tax (VAT) as ordered by a Federal High Court in Port Harcourt. The forum, comprising governors of the six oil-rich Niger Delta states of Rivers,...

VAT: Oyo Govt Seeks To Join Rivers In Suit Against Fed Govt             The Oyo State has asked the Court of Appeal sitting in Port Harcourt, Rivers State, for joinder in the suit instituted by the Rivers State Government against the Attorney-General of the Federation in...

Northern Governors Reject VAT Laws Enacted By Lagos, Rivers States       Northern Governors Forum on Monday kicked against the Value Added Tax laws enacted by the governors of Rivers and Lagos State governors which got the support of other Southern state governors. The Forum in an emergency...

Private Sector Seeks FG’s Intervention On VAT Remittance             Following the controversy between the Federal and State Government on Value Added Tax (VAT), especially as today’s penalty-free period ends for tax remittance for the month of August, organised businesses have expressed concerns as to where to...