VAT: Experts advocate transparency in tax collection

The experts spoke in separate interviews with News Agency of Nigeria (NAN) in Abuja on Monday said that government should instead spread the net in tax collection for the increase in revenue generation. They were reacting to the Federal Executive Council’s (FEC) approval for the proposed increase of VAT from five per cent to 7.5[...]

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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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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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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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FIRS Plans To Raise N6tn From Petroleum Tax, VAT To Finance 2019 Budget

The Federal Inland Revenue Service (FIRS) has proposed to generate N4.3tn from petroleum profit tax, and N1.7tn through the Value Added Tax to finance the 2019 budget. The proposition was contained in the Medium Term Expenditure Framework Tax Revenue Projections for 2019-2020, submitted to the National Assembly. In the document, Tunde Fowler, the Executive Chairman[...]

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FIRS Discovers 55,000 Tax Defaulters, as Fowler gives indication of VAT increase

The Federal Inland Revenue Service (FIRS) has disclosed that it recently discovered not less than 55,000 tax defaulters from the bank accounts substitution initiative that it embarked upon earlier this year. The Chairman of the Service, Babatunde Fowler, made the disclosure at a stakeholders’ forum and the official presentation of the ‘Nigerian Tax Outlook 2019,’[...]

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Proposed Vat Increment is set to Slowdown the Nigerian Economy- ACTIONAID

In a statement by its Country Communication Coordinator, Niniola Ayanda, yesterday, the group said: ”Rather than an increase in VAT at this time, other avenues could be explored in the short term such as the removal of petroleum subsidy, which many have argued does not benefit the Nigerian populace. “The plugging of fiscal leakages, a[...]

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FIRS says No plan to increase VAT to 50 percent

The Federal Inland Revenue Service (FIRS) says it has no plans to increase the rate of value added tax (VAT) from 5 percent to 50 percent. The tax administration agency was reacting to reports that Babatunde Fowler, its chairman, had proposed that VAT increase to 50 percent. The Cable reports that no Fowler allegedly made[...]

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Labour won’t accept increased VAT — Ajaero

The President of the United Labour Congress (ULC), Joe Ajaero, says organised labour would not accept government’s plan to increase the Value Added Tax (VAT) to pay the N30,000 new minimum wage. Mr Ajaero spoke on Wednesday to the News Agency of Nigeria (NAN) in Lagos in reaction to the Federal Government’s indication that it[...]

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Nigerian Govt plans to increase VAT rate to Fund New Minimum Wage

Minister for Budget and National Planning Senator Udoma Udo Udoma, has given indication that the government may need to increase Value Added Tax (VAT) to fund the new national minimum wage. The current VAT rate currently stands at 5percent. Agreeably one of the lowest in Africa and the world. But, compatible with the prevailing economic[...]

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