Budget 2020: Low VAT Collections Threaten Revenue Projections
Plans by the fiscal authorities to bridge the 2020 deficit gap partly through the Value Added Tax (VAT) rate hike from 5% to 7.5% this fiscal year may be scuttled by the lingering lockdown occasioned by the...
Nigeria Generated N338.94bn VAT In Q1 – NBS
Nigeria generated N338.94bn Value Added Tax in the first quarter 2020, the National Bureau of Statistics disclosed on its report on Sectoral distribution of Value Added Tax Q1.
It stated, “Sectoral distribution of Value Added Tax data for...
Revolutionising Tax For Nigeria’s Sustainable Growth
The Federal Inland Revenue Service (FIRS), is currently implementing small businesses-friendly tax policy that temporary exempts operators with annual turnover of N25 million and below from charging Valued Added Tax (VAT), while deploying technology to ensure continued quality service...
LCCI Seeks Suspension Of 50% VAT, Others Increment
The Lagos Chamber of Commerce & Industry (LCCI) has called on the Federal Government to, among other things, suspend the implementation of the 50 per cent increase in Value Added Tax (VAT) till the end of the...
Nigeria Generated N1.17trn From VAT In 2019 – CBN
Between January and December 2019, the Federal Government generated the sum of N1.17tn from Value Added Tax.
When compared to the target of N1.7tn set by the Federal Government in the 2019 budget, the amount represents a...
VAT On Calls: Minister Tells Subscribers To Meet FIRS
The Minister of Communications and Digital Economy, Dr Isa Pantami, has asked subscribers who have expressed concern over the additional charges on voice calls, SMS and data to direct their grievances to the Federal Inland Revenue...
