ABUJA—Plans are underway by the Federal Government to increase Value Added Tax, VAT, by up to 50 per cent (from current 5 per cent to 7.5 per cent), a move that would stoke-up inflationary pressure in the economy.
Continue reading FG plans 50% increase in VAT, other taxes at Vanguard News Nigeria. …
Taxes
Yachts, private jet owners to pay luxury tax from 2019
Nigeria’s Minister of Finance Zainab Ahmed has said that owners of yachts and private jets in the country will begin payment of luxury items from 2019. Why Catholic leaders don’t own private jets – Archbishop Addressing a press conference in Abuja on Monday, the minister said excise duties would be introduced in some areas while […]
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Paris Club refund: FG puts total disbursement to states at $5.4bn
Minister of Finance Mrs Zainab Ahmed said an additional N488 billion has been refunded to states to undertake Federal Government projects. Uche Usim, Abuja Federal Government said it has disbursed $5.4 billion to states from the Paris Club excess deductions refund. Minister of Finance Mrs Zainab Ahmed, who made the disclosure during the maiden quarterly […]
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Oil and gas sector generated $17.05 bn in 2016 – NEITI
According to the NEITI 2016 Oil and Gas Industry Audit Report, the plunge in revenue in 2016 resulted from low oil prices in the global market and reduced oil production in Nigeria. Uche Usim, Abuja The oil and gas sector of the Nigerian economy generated $17.05 in 2016, the latest report of the Nigeria Extractive […]
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FAAC: Shocker as $1.68bn is withdrawn from ECA in 3 weeks
Corroborating, the Accountant-General of the Federation, Ahmed Idris said FAAC did the right thing and followed due process. Uche Usim, Abuja The Federal Account Allocation Committee (FAAC) rose from its last meeting in 2018 with a startling disclosure that the Excess Crude Account (ECA) crashed from $2.319 billion to $631 million between November 25 and […]
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MDAs under-perform after N40tr investments – FG
The record shows that few of the GOEs declare surpluses. In effect, the Nigerian tax payers have not benefitted much from these investments. Uche Usim, Abuja The repeated failure of various Ministries Departments and Agencies (MDAs) to remit 80 per cent of their dividend or operating surplus into the Consolidated Revenue Fund (CRF) came under […]
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Senate stops new tax policy
Senate has asked the Federal Government to put on hold, implementation of an excise tariff increment on alcoholic beverages and tobacco products. READ ALSO: President raises tariffs on tobacco and alcohol sales An excise duty is a type of tax charged on goods produced within the country, as opposed to customs duties, charged on goods from outside […]
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FIRS rakes in N13bn from billionaire tax debtors
Less than a month after it commenced substitution of accounts of recalcitrant billionaire taxpayers, the Federal Inland Revenue Service (FIRS) has collected over N12.66 billion in tax revenue. READ ALSO: FIRS to commence audit of taxpayers nationwide – Fowler The Executive Chairman, FIRS, Tunde Fowler, disclosed this at the weekend when he received the new Minister […]
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Whistle blowing policy: FG rakes in N21.1bn, $378m – Lai Mohammed
How tax revenue improved by 42% in 2018 — FIRS
The 2018 half-year revenue performance report of the Federal Inland Revenue Service has shown that tax revenue improved by 42 per cent when compared to the same period in 2017. A revenue performance report for the first half of the year submitted by the service to the Ministry of Finance, showed that the Service had […] …