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...

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...