The Federal Inland Revenue Service (FIRS) says defaulting wealthy Nigerian taxpayers who have no Taxpayer Identification Numbers (TIN) have only a 30 days lien to do so. The agency also said other Nigerians and firms with a turnover of N100 million in their accounts, but not paying taxes have only a 30 days lien to […]
Read More
Manufacturers Association of Nigeria, MAN, has appealed to the Federal Inland Revenue Service (FIRS) to bring more tax payers into the tax net as a means of increasing tax revenue, rather than increasing tax rates. President of MAN, Engr. Mansur Ahmed, made the call yesterday while engaging the Executive Chairman of FIRS at an interactive […]
Read More
The federal government generated a total sum of ₦1.10 trillion as Value Added Tax (VAT) in 2018, representing a growth of 13.96 per cent (year-on-year) when compared to the ₦972.34 billion collected in 2017, the National Bureau of Statistics (NBS) stated Thursday.. However, a total sum of ₦298.01 billion was realised in the fourth quarter […]
Read More A total of ₦273.5 billion was generated by the Federal Inland Revenue Service, FIRS, as Value Added Tax (VAT) for the third quarter 2018, Q3’18. This, according to the report of the National Bureau of Statistics (NBS) released yesterday, represents 9.16 percent year-on-year (YoY) increase on the ₦269.79 billion generated in the same period in […]
Read More
South Africa’s new leadership has announced it was taking the politically risky step of raising value-added tax (VAT) for the first time in 25 years to cut the deficit and stabilise debt under new President Cyril Ramaphosa. The government of Africa’s most industrialised country has to plug a revenue hole in its budget and repair […]
Read More
The Federal Government has ordered vendors of Ministries, Departments and Agencies (MDAs) to display their Tax Identification Numbers (TINs) on their invoices before payments are effected. The directive was handed down on Tuesday in Abuja by the Minister of Finance, Mrs. Kemi Adeosun, to the Accountant General of the Federation, Alhaji Ahmed Idris. The order […]
Read More
The National Bureau of Statistics on Wednesday released the Value Added Tax sectoral distribution report for the third quarter of this year with the country recording a total VAT revenue of ₦250.56 billion. When compared with the ₦246.3 billion VAT revenue that was generated in the second quarter of this year, the ₦250.56 billion represents […]
Read More
Minister of Finance, Mrs. Kemi Adeosun, on Tuesday, disclosed that the Federal Government revenue from Value Added Tax (VAT) between January and October stood at ₦797.51 billion, even as she assured the aggressive tax compliance drive will be extended to the private sector and Ministries Department and Agencies (MDAs). Adeosun, who disclosed this in a […]
Read More The National Bureau of Statistics, NBS, says it generated ₦246.3 billion from Value Added Tax, VAT, during the second quarter of the year. The bureau gave the figure in its “Sectoral Distribution of Value Added Tax” for the Second Quarter released on Friday in Abuja. It stated that the value generated in the quarter was […]
Read More
The Minister of Finance, Mrs. Kemi Adeosun, on Tuesday said that 55 per cent of the revenue generated by the Federal Government from Value Added Tax receipts was being collected from Lagos State. Adeosun, according to an online publication, TheCable, said this during a meeting with members of the Progressive Governors’ Forum in Birnin Kebbi. […]
Read More Value Added Tax (VAT) generated the sum of ₦204.77 billion into the coffers of government in the first quarter of 2017, according to a report released by National Bureau of Statistics (NBS), yesterday. According to NBS, the sectoral distribution of Value Added Tax (VAT) data for Q1 2017 reflected that the sum of ₦204.77 billion […]
Read More
Nigeria’s National Economic Council (NEC) has ruled out the possibility of increasing the Value Added Tax and other Corporate taxes by the Federal Government. NEC yesterday after a meeting at the presidential villa Abuja presided over by Vice President Yemi Osinbajo agreed that any attempt to increase taxes including VAT would bring additional hardship to […]
Read More
