News

VAT: Why Ogun joined the fray – Abiodun

Ihesiulo Grace 5 November 2021 0

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

Headlines Politics

South-South govs resolve to join VAT suit in S’Court

Ihesiulo Grace 5 October 2021 0

*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) […]

Headlines News

VAT: North can survive without billions accruing to Southern states — NEF

Ihesiulo Grace 22 September 2021 0

*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 […]

Business

VAT increase by N15.86bn in Q2 — NBS

Ihesiulo Grace 10 August 2021 0

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 […]

News

VAT on contracts signed earlier than Feb.1 remains 5% – FEC

Ihesiulo Grace 12 March 2020 0

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

Business

Mixed reactions as implementation of 7.5% VAT begins

Ihesiulo Grace 3 February 2020 0

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 […]

Brands and Marketing Business Features

VAT Increase: Why Nigerian brands must be on red alert

Ihesiulo Grace 23 October 2019 0

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. […]

Business

VAT: Revenue increases 1.73 % in q3, higher than 2016 — NBS

Ihesiulo Grace 24 November 2017 0

… 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 […]