Outrage As Senate Okays 50% VAT Increment   The bill specifically seeks to hike the Value-Added Tax from five percent to 7.5 percent. The Federal Executive Council had in September this year approved an increase in VAT and sent a bill to the National Assembly for consideration....

Bill To Hike VAT Passes 2nd Reading In Senate   An Executive bill forwarded to the National Assembly seeking to make changes in the Nigerian tax and fiscal law scaled second reading at the upper chamber on Wednesday. Senators however protested the non-inclusion of details of the...

ABCON Cautions FG Against VAT Hike   The Association of Bureaux De Change Operators of Nigeria (ABCON) has cautioned against the proposed increase in the Value Added Tax (VAT) to 7.5 per cent, from five per cent. According to the currency dealers, the proposal would lead to...

Nigeria Has Lowest Tax Rate Globally, Says Agba   The Minister of State for Budget and National Planning, Prince Clem Agba, has defended the recent increase in Value Added Tax (VAT) from 5 per cent to 7.5 per cent by the federal government, saying despite the...

2020 Budget: 85% VAT Going To States, LGAs – Fashola   The Minister of Works and Housing, Babatunde Fashola, has said that 85 per cent of the Value Added Tax to be raised in the 2020 budget will go back to the states and local governments...

President Buhari Exempts Firms With N25m Turnover From VAT   Firms making a turnover of N25 million and below will be exempted from payment of the Value Added Tax (VAT), President Muhammadu Buhari said on Tuesday. He stated this while presenting his N10.33 trillion 2020 budget estimates...