Nigerians will start paying a 7.5 percent Value Added Tax (VAT) on selected banking services from January 19, 2026, following a regulatory directive requiring financial institutions to collect and remit the tax on applicable service charges. The development became public after customers of Moniepoint received a notification on Wednesday afternoon outlining changes to charges on […]
A former Senator representing Kogi West senatorial district , Dino Melaye has demanded that the Federal Government suspend further implementation of the Value Added Tax (VAT) and that the National Assembly should withdraw the parliamentary instrument authorizing collection of VAT by repealing the Nigeria Tax Reform Act 2025. The chieftain of the African Democratic Congress […]
Abiodun Taiwo, Abeokuta Ogun State governor, Dapo Abiodun, has shed light on why the state joined other states in the fray to collect the Value Added Tax (VAT). According to Abiodun, his administration decided to take advantage of the VAT controversy with the view to ensure Ogun gets a fair share from the money being […]
*To launch regional security outfit soon Amaka Agbu. Port Harcourt Governors of the South-South states of Nigeria have resolved to join the Supreme Court suit by the Rivers State Government demanding that states and not the Federal Government should collect Value Added Tax (TAX). The VAT case is between the Federal Inland Revenue Service (FIRS) […]
*Says VAT war, a wake-up call to northern govs to develop resources, human capital of region *Urges Nigerians to move beyond ethnic, religious sentiments with regards to 2023 presidency As the tussle between states and the Federal Government on the collection of Value Added Tax (VAT) lingers, the Northern Elders Forum (NEF) says the north […]
Nigeria recorded an increase of N15.86 billion Value Added Tax (VAT) revenue from N496.39 billion generated in quarter one (Q1, 2021) to N512.25 billion in Q2. This is contained in the National Bureau of Statistics’ (NBS) “Sectoral Distribution of VAT Data for Q2, 2021’’, obtained by the News Agency of Nigeria (NAN) on Tuesday in […]
The Federal Executive Council (FEC) has resolved that Value-Added Tax (VAT) on contracts signed earlier than Feb.1 remains 5 per cent. Malam Garba Shehu, Senior Special Assistant, Media and Publicity to the President, briefed State House correspondents after FEC meeting presided over by President Muhammadu Buhari on Wednesday at the Presidential Villa, Abuja. Shehu gave […]
There have been mixed reactions from Nigerians over the commencement of the implementation of an increase of the Value Added Tax (VAT) from 5 per cent to 7.5 per cent. Just recently, a finance Act which seeks an increase in the VAT became law as the implementation begins from 1st February 2020. In our fact […]
The increase of the Value added tax (VAT) approved by Federal Executive Council on Wednesday (September 11, 2019) is a call to attention on Nigerian brands. The Minister of Finance, Budget and National planning, Zainab Ahmed, who announced the approval said the VAT was increased from the current 5 per cent to 7.5 per cent. […]
… Says N246.30bn VAT raked between April, June 2017 The National Bureau of Statistics (NBS) said revenue generated from Value Added Tax (VAT), increased by 1.73 per cent in the third quarter of 2017. Currently, the Federal Government, through its agency, Federal Inland Revenue Service, FIRS, collects 5% on any chargeable item. The NBS announced […]