Tag: Value Added Tax
Labour, FG agree to subsidise electricity tariff for three month
The federal government and labour unions have agreed to use proceeds from Value Added Tax (VAT) to temporarily subsidise electricity tariff for consumers for...
FIRS nets N1.20trn in revised Q1, 2020 revenue collection
The Federal Inland Revenue Service (FIRS) recorded 15 per cent increase in its collection for Q1, 2020 compared to Q1, 2019.
In a statement by...
FG states local governments shared N582bn in February – FAAC
The Federation Accounts Allocation Committee (FAAC) has released statistics showing that N581.566 billion was shared among the federal, state and local governments in February...
Telecom operators increase call, data charges from February 1
The Association of Licensed Telecommunications Operators of Nigeria (ALTON) said it will start implementing the country’s new 7.5 per cent Value Added Tax (VAT)...
Buhari signs bill raising VAT to 7.5%
President Muhammadu Buhari on Monday assented to the bill
raising the value added tax from 5 to 7.5 per cent.
Shortly after signing the bill into...
Nigeria’s non-oil revenue increases to N370bn – CBN
Nigeria’s
total non-oil receipt increased by 16.7 per cent to N369.84 billion in
November, up from the N316.79 billion realised the previous month.
This formed
part of the...
Remittances from oil, non-oil hit N28.6trn in 5 years – NEITI...
The Nigeria Extractive Industries Transparency Initiative
(NEITI) has said in its latest report that N28.58 trillion was remitted to the
Federation Account between 2012 and 2016,...
CBN defends new bank charges, proposed increase in VAT
The Monetary Policy Committee of the Central Bank of Nigeria
(CBN) has given reasons for its approval of the new charges on bank withdrawals
and deposits...
VAT review rubbishes benefits of national minimum wage – NLC, NECA
The Nigeria Labour Congress (NLC), Nigeria Employers’
Consultative Association (NECA) and some financial experts have reacted to the
Value Added Tax (VAT) increase saying it will...
FEC ups VAT to 7.2%, approves N10.7tn budget for 2020
Reviews cost of Itakpe-Ajaokuta-Warri rail line rehabilitation
The federal
executive council yesterday approved N10.7 trillion for 2020 fiscal year and upped
the value added tax from 5...
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