Why We Must Address Inherent Injustice in Present VAT Regime - FIRS Boss   The Chairman of the Federal Inland Revenue Service (FIRS), Dr. Zacch Adedeji, has described the allocation of 70% of value-added tax (VAT) proceeds to Lagos, Rivers, and the Federal Capital Territory (FCT)...

FG Plans 25% Tax on Nigerians Earning Above N100m Monthly   The Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, has said that wealthy Nigerians earning N100m and above monthly will face a 25 per cent personal income tax rate if a...

N'assembly Considers Bill to Increase VAT by 2.5% in 2025 Consumption tax, also known as value-added tax (VAT) may soon become higher in Nigeria. According to a report by The Cable, the National Assembly is reportedly considering a bill to increase value-added tax (VAT) from 7.5%...

Experts Hail FIRS as VAT Hits N1.56trn The Federal Inland Revenue Service(FIRS) has received the commendation of analysts for collecting N1.56trn in its Value Added Tax collections in the second quarter of the year. A report released by the Nigeria Bureau of Statistics on Sunday showed...

Nigeria Generated N1.43trn from VAT in Q1 2024 – NBS The National Bureau of Statistics (NBS) says the country generated N1.56 trillion as value-added tax (VAT) between April and June this year. The figure represents an increase of 9.11 percent when compared to the N1.43 trillion...

Dismiss Reports, VAT Remains 7.5% – Edun Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, on Monday dismissed circulating reports that the Value-Added Tax (VAT) rate has been increased from 7.5% to 10%. In a statement signed by him, the Minister confirmed...