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...

VAT Generates N312bn In 3 Months   The Federal Government generated N311.94bn between April and June; statistics provided by the National Bureau of Statistics have shown. In the first quarter of the year, January to March, the country generated N289.04bn through VAT. NBS revealed that N269.79bn was generated...

FIRS Sets Deadline For VAT Remittance The Federal Inland Revenue Service has said all companies must remit value-added tax and withholding tax by the 21st day of every month. It disclosed this in a public notice on Wednesday signed by its Chairman, Mr Babatunde Fowler, noting...

FG’s VAT Reversal To Cost Investors N2.5bn   Investors could pay about N2.5bn yearly as additional costs on transactions, following the Federal Government’s resumption of Value Added tax (VAT) collection on stock market transactions. Investors would pay an average of N2.49 billion yearly or N207 million monthly,...

Investors Demand VAT Exemption In Stock Market Extended Some investors in the Nigerian capital market have called on the federal government to extend the exemption of Value Added Tax (VAT) charges on transactions on the Nigerian Stock Exchange (NSE) so as to attract more patronage...

Manufacturers Object FG’s Planned Increase In VAT And Taxation Manufacturers and providers of goods and services under the aegis of Nigeria Employers’ Consultative Association (NECA) wednesday expressed their opposition to the plans by the federal government to increase taxation, including the value added tax (VAT). NECA...