Airlines To Save N11.6b Yearly From Removal Of VAT, Others   The planned review and removal of the mandatory Value Added Tax (VAT) on all air travel tickets issued in the aviation sector will save local airlines at least N11.55 billion in revenue yearly. The tax, which...

The Federal Inland Revenue Service (FIRS) is targeting N1.8 trillion Value Added Tax (VAT) collection for the 2017 fiscal year. Its Executive Chairman, Tunde Fowler, made the projection at his 2017 budget presentation to the Senate Committee on Finance during budget defence. The FIRS chief told...

The Government's revenue through Value Added Tax (VAT) had decreased from N207.35 billion in the fourth quarter of 2016 to N204.77 billion in the first quarter of 2017, the National Bureau of Statistics (NBS) has reported. The Bureau, in the report released in Abuja, stated...

Amidst declining revenue from oil, low tax to Gross Domestic Product ratio and a rapidly changing commercial environment, IFEANYI ONUBA examines what impact the National Tax Policy, recently approved by the Federal Executive Council, will have on the country’s tax system Despite the potential of...

Nigeria has no plans to impose new taxes but to expand the scope of Value Added Tax (VAT) in a drive for additional revenue. Mr Laolu Akande, the Senior Special Assistant to the Vice President on Media and Publicity, said that government was also not...

The total allocation from Federation Account Allocation Committee (FAAC) to the three tiers of government decreased by 30 per cent to N2.01 trillion in the first half of 2016, compared with the N2.89 trillion recorded in the first half of 2015. The Nigeria Extractive Industries...