Business

FG rakes N496bn from VAT

Ihesiulo Grace 10 May 2021 0

PHILIP CLEMENT, ABUJA The federal government has raked in a total of N496.39 billion from Value Added Tax in the first quarter of 2021. The said amount was disclosed by the National Bureau of Statistics (NBS). This represents a nine per cent quarter-on-quarter (QoQ) increase in VAT when

News

FG denies alleged plan to increase taxes, VAT as FEC okays Finance Bill

Ihesiulo Grace 19 November 2020 0

By Rotimi Fadeyi, The Federal Government on Wednesday said there was no plan to increase taxes or Value Added Tax (VAT). Minister of Finance, Budget and National Planning, Zainab Ahmed disclosed this while briefing State House correspondents shortly after the Federal Executive Council (FEC) meeting presided over by President Muhammadu Buhari at the Presidential Villa. […]

Money

FG earns N424.7 billion from VAT

Ihesiulo Grace 4 November 2020 0

By Philip Clement The federal government has generated N424.71 billion from Value Added Tax (VAT) in the thirdquarter of 2020 (Q3 2020). It represents an increase of 29.80 per cent from N327.20 billion in the second quarter of 2020 (Q2 2020) quarter-on-quarter (QoQ). This was contained in the sectoral distribution of Value Added Tax for […]

News

It’s unfair northern states get VAT from beer, others — Abiante

Ihesiulo Grace 30 August 2020 0

The lawmaker representing the Andoni/Opobo/Nkoro Federal Constituency of Rivers State in the House of Representatives, Awaji-Inombek Abiante, tells LEKE BAIYEWU about fiscal federalism and agitation for resource control, Daily Times reports. You sponsored a bill that seeks to make each state to retain not less than 50 per cent of the revenue generated from its natural

Business

FIRS clarifies VAT charges on ATM transactions, WhatsApp

Ihesiulo Grace 3 June 2020 0

.As FG slashes revenue projections for relevant agencies The Federal Inland Revenue Service has clarified on the recent announcement regarding charges on Automated Teller Machine (ATM) transactions as well as WhatsApp messages. Speaking to Daily Times, the Director  Communications department of the FIRS, Abdullahi Ismaila Ahmad said details of the planned charges are

Featured

VAT increment would contribute to inflation rise – Minister of Finance

Ihesiulo Grace 1 February 2020 0

Lagos – Dr Zainab Ahmed, Minister of Finance, Budget and National Planning, on Friday said that Value Added Tax (VAT) increment would contribute to inflation rise, said that it would moderate over time. She further dispelled the report that the Federal Government was planning to borrow N2trillion pension funds for infrastructure development. Ahmed stated this […]

Featured

Finance bill not only about VAT – Senate

Ihesiulo Grace 17 November 2019 0

Abuja – Chairman, Senate Committee on Finance, Sen. Solomon Adeola has said that the Finance Bill was not only about Value Added Tax (VAT). He said that it was a composite bill seeking amendment  in seven Acts of the National Assembly with removal of taxes for some sectors in the economy contrary to popular sentiment about […]

News

How much would VAT increase add to states’ coffers? – BudgIT

Ihesiulo Grace 4 October 2019 0

Taking critical looks at the Federal Government’s proposed VAT rate increase, from 5% to 7.2%, BudgIT has analysed what that “revenue uptake” would mean, and also the implications, for each state in Nigeria (assuming collection charges remain the same). ANALYSIS: 2018 Q4 Budget Implementation Report As part of its transparency drive, BudgIT has analysed the […]