VAT
New tax bills to eliminate all states consumption taxes, except VAT — Taiwo Oyedele
Business & Economy
November 11, 2024
New tax bills to eliminate all states consumption taxes, except VAT — Taiwo Oyedele
The chairman of the Presidential Tax Reform Committee, Taiwo Oyedele, has stated that the proposed tax reform bills will eliminate…
Allowing states to collect VAT will be ‘chaotic’ — Taiwo Oyedele
Business & Economy
November 9, 2024
Allowing states to collect VAT will be ‘chaotic’ — Taiwo Oyedele
The Chairman of the Presidential Tax Reform Committee, Taiwo Oyedele, has cautioned that allowing state governments to collect Value Added…
FAAC revenue hits N6.28 trillion in Q2 2024 as VAT, import duties offset low oil earnings
Business & Economy
November 7, 2024
FAAC revenue hits N6.28 trillion in Q2 2024 as VAT, import duties offset low oil earnings
The revenue of the Federation Account earnings (FAAC) rose to N6.28 trillion in the second quarter of 2024, driven by…
Tinubu rejects NEC’s proposal to withdraw tax bill, urges Council to follow ‘legislative process’
Business & Economy
November 1, 2024
Tinubu rejects NEC’s proposal to withdraw tax bill, urges Council to follow ‘legislative process’
President Bola Tinubu has rejected the National Economic Council’s (NEC) proposal to withdraw the controversial tax reform bill, insisting the…
Northern Governors reject proposed derivation model for VAT distribution in new tax bill
Business & Economy
October 29, 2024
Northern Governors reject proposed derivation model for VAT distribution in new tax bill
The Northern Governors Forum chaired by Gombe state Governor has rejected the derivation-based model for Value Added tax (VAT) distribution…
FG proposes 25% tax rate on wealthy Nigerians earning N100 million monthly
Business & Economy
October 15, 2024
FG proposes 25% tax rate on wealthy Nigerians earning N100 million monthly
The Federal government is looking at imposing a 25% tax rate on individuals earning N100 million and above monthly in…
FG proposes 25% effective tax rate on wealthy Nigerians earning N100 million monthly
Business & Economy
October 15, 2024
FG proposes 25% effective tax rate on wealthy Nigerians earning N100 million monthly
The Federal government is looking at imposing a 25% effective tax rate on rich Nigerians proposing that individuals earning N100…
FG begins implementation of zero VAT, excise duties on pharmaceutical products to crash prices
Health & Wellness
October 9, 2024
FG begins implementation of zero VAT, excise duties on pharmaceutical products to crash prices
The Federal government has announced the commencement of zero Value Added Tax (VAT) on pharmaceutical products and medical devices in…
FULL LIST: 63 energy items excluded from VAT in new order from Ministry of Finance
Business & Economy
October 5, 2024
FULL LIST: 63 energy items excluded from VAT in new order from Ministry of Finance
The Federal Government has recently introduced VAT exemptions for a range of energy products, including diesel, Liquefied Natural Gas (LNG),…
NDDC proposes legislation to secure 3% VAT revenue for additional funding
Business & Economy
July 15, 2024
NDDC proposes legislation to secure 3% VAT revenue for additional funding
The Niger Delta Development Commission (NDDC) is advocating for new legislation to allocate 3% of the Value Added Tax (VAT)…