‘FG is considering introducing excise duty on all carbonated drinks’ – Minister of Finance, Zainab Ahmed

Minister of Finance, Zainab Ahmed has said the federal government is considering introducing excise duty on carbonated drinks.     The minister made this known while addressing the media on the sidelines of the ongoing annual meetings of the International Monetary Fund and World Bank Group. Excise duty is a levy placed on the manufacture of locally[...]

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Labour Union condemns Vat Increase

Moves by the Federal Government to increase Value Added Tax (VAT) from five per cent to 7.2 per cent has continued to generate more controversies from different quarters. This is just as the United Labour Congress (ULC) has called on the Federal Government to do away with the proposal, describing the move as anti-people and[...]

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Breaking : Federal Government increases VAT to 7.2%

The federal executive council (FEC) meeting held earlier today. At the end of the meeting, FEC approved an increase in value added tax (VAT) rate from 5 percent to 7.2% percent effective January 2020. Zainab Ahmed, minister of finance, budget and national planning, disclosed this to state house correspondents at the end of the cabinet[...]

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Federal Government has been accused of double taxation due to new Vat Policy

With the resumption of Value Added Tax (VAT) collection from stock market transactions, investors will return at least N60.11 billion into government coffers in one year. The move, however, has drawn criticism from some stakeholders who said it would amount to double taxation. The Federal Government had in 2014 granted a tax holiday on all[...]

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Conspiracy theories emerge as Fowler’s tenure expires at FIRS- amidst query from presidency

There are indications that the tenure of Babatunde Fowler as executive chairman of the Federal Inland Revenue Service (FIRS) will not be renewed following President Muhammadu Buhari’s misgivings about his stewardship, TheCable reports. Fowler, whose tenure expired on Saturday, has been questioned over revenue collection under his watch. In a letter circulating on social media[...]

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Lagosians react as FG puts 5% tax on all online purchases!

Lagos – Mixed reactions have trailed the proposed plan by the Federal Government to slam a five per cent Value Added Tax (VAT) on goods bought online. Prof Sheriffdeen Tella, a Senior Economist at the Olabisi Onabanjo University, Ago-Iwoye, Ogun, said that the online space was still growing and taxing it now would discourage transactions.[...]

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The NTCA advocate for a tax increase on Tobacco and tell us Why

The Nigeria Tobacco Control Alliance, NTCA, has said that its renewed campaign for the increase in tobacco price was to ensure that the country is at par with the World Health Organization, Who recommended level of 70 percent of retail price. Board Chairman of NCTA, Akinbode Oluwafemi and the Project Coordinator, Olu’Seun Esan while briefing[...]

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Tax Evasion: Court Renews Arrest Warrant Against Okocha

Justice Adedayo Akintoye of a Lagos High Court sitting in Igbosere, on Tuesday, renewed a warrant of arrest against a former Super Eagles captain, Augustine Jay-Jay Okocha, over alleged tax evasion. The judge, like she did at the last adjourned date on April 15, renewed a warrant for Okocha’s arrest following reports from the counsel[...]

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VAT Revenue Drops in the First Quarter of 2019

The National Bureau of Statistics (NBS) says Nigeria generated N289.04 billion from value-added Tax (VAT) in the first quarter of 2019, a decline from the N298.01 billion generated in Q4 2018. This is contained in a Sectoral Distribution of VAT report for the first quarter 2019 released by the bureau. This, it said, represented a[...]

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FIRS budgets N160m for drivers’ uniforms, N825m for refreshment

The Federal Inland Revenue Service (FIRS) has budgeted N160 million for sewing of uniforms for its drivers, according to the Cable.ng. The service also budgeted N825 million for refreshment and N250 million for security vote. While defending the budget before a joint committee of the national assembly on Monday, Babatunde Fowler, chairman of the agency,  said[...]

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FIRS posts N1.5 trillion in 1st quarter 2019

The Federal Inland Revenue Service ((FIRS) generated N1.5 trillion revenue in the first quarter (Q1) of 2019, according to its chairman, Babatunde Fowler.  Mr Fowler disclosed this to the News Agency of Nigeria (NAN) in New York at the weekend. He said the amount included revenue from non-oil taxes that were 11 per cent higher[...]

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Fowler: EFCC probing FIRS staff over ‘fraudulent payments’

The Economic and Financial Crimes Commission (EFCC) has launched a probe into the activities of some staff of the Federal Inland Revenue Service (FIRS). Babatunde Fowler, FIRS chairman, confirmed the development to TheCable on Wednesday saying the probe borders on alleged cases of irregularities concerning duty tour allowance (DTA). “On the DTA (Duty Tour Allowance),[...]

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Lagos State earned N382bn IGR In 2018, trumps IGR of 29 States combined

The N382.16 billion earned locally by Lagos State in 2018 surpassed the internally generally revenues (IGRs) posted by 29 states during same period.  The affected states besides Rivers, Ogun, Delta, Kano, Kaduna and Edo recorded N363.48 billion, the National Bureau of Statistics (NBS) stated. Lagos has benefited from an integrated intelligently laid out tax plan[...]

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Tax Advantages that Nigerians Take for Granted

Nigeria is blessed with 57 million economically active citizens, but the shocking truth is that only 761,000 of this number are registered to pay personal income tax. In fact, if it wasn’t for Pay As You Earn (PAYE) which is deducted at source, the majority of us would probably find a way to evade what[...]

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The average Nigerian business pays 48 taxes, says Elumelu

Tony Elumelu, chairman and founder of Heirs Holdings, says Nigeria would be unable to keep its investors and entrepreneurs if the issue of multiple taxation is not abolished. The billionaire noted that the average Nigerian business pays 48 taxes. Delivering the keynote address at the 21st annual tax conference of the Chartered Institute of Taxation[...]

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Emmanuel Macron Promises Tax Cuts amid Protests!

President Emmanuel Macron Thursday promised significant tax cuts but also a return to public order in France as he revealed his long-awaited response to nearly half a year of street protests. In the first formal domestic news conference of his entire presidency, Macron steered clear of bombshell announcements but promised the French a more humane[...]

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Court renews Okocha’s arrest warrant

A high court in Lagos has renewed a bench warrant for the arrest of Augustine Okocha, a former Super Eagles captain, over alleged tax evasion. Adedayo Akintoye, the judge, extended the warrant which had earlier been issued on January 29, following an application made by Yusuf Sule, the state’s prosecutor. According to the Cable.ng, Sule[...]

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