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...
VAT Collection Still At 0.2%, FG Says
Mrs. Zainab S. Ahmed has said the collection of the value added tax (VAT) is still at a paltry 0.2 percent, well below the African average of 0.33 percent.
The minister disclosed this yesterday at the ongoing economic summit...
50% Hike In VAT May Increase Air Fares
There is anxiety among airline operators in the country following the increase in value added tax (VAT) from five per cent to 7.5 per cent by the federal government. The increase, according to the Federal Executive Council...
VAT Increase To Generate Extra N479.7bn Revenues
The proposed 7.2 per cent Value Added Tax (VAT) proposal by the Federal Executive Council (FEC) is expected to generate additional N479.7 billion in revenues based on the N1.1 trillion collected in 2018, analysts at Afrinvest West Africa,...
VAT Hike Will Kill Businesses, Shrink GDP, Experts Say
Experts and groups such as the Nigeria Employers’ Consultative Association have said the recent increase in the Value Added Tax rate from five per cent to 7.2 per cent will lead to closure of many businesses.
The...
FIRS Places VAT On Online Transactions From January 2020
Chairman of the Federal Inland Revenue Service, Babatunde Fowler, on Monday said that Nigerian banks would start charging Value Added Tax on local and foreign online transactions from January 2020.
Fowler spoke at a technical workshop organised...
