Value Added Tax

MTN, Airtel, as well as money deposit banks in Nigeria have been appointed by the Federal Inland Revenue Service (FIRS) to withhold Value Added Tax (VAT) charged on all taxable supplies made to them, and remit to the Service. FIRS in a…

Effective from July this year, the Federal Inland Revenue Service (FIRS) will begin recovery of unremitted tax deductions from some States and Local Governments in Nigeria. Alternatively, the federal government may withhold approval to…

The three-component units of the Nigerian government are now in good stead to meet their obligations for February following the injection of a total sum of N640.310 billion by the Federation Accounts Allocation Committee (FAAC) to make the…

The Federation Accounts Allocation Committee (FAAC), Wednesday shared among the three tiers of government, a total N619.343 billion to reflate the economy. The components of the amounts are N171.358 billion Value Added Tax (VAT), N437.26…

The Federation Accounts Allocation Committee(FAAC) has injected N601.110 billion into the economy to deepen the capacity of the three tiers of government to undertake statutory obligations. The injection is the November 2020…

The Senate has called on the Federal Government to fully implement the Executive Order on zero customs duty and zero Value Added Tax (VAT) on importation of commercial aircraft and aircraft spare parts. The Upper Chamber also advised the…

The Federal Government on Tuesday unveiled plans to introduce an additional 2.5% Value Added Tax (VAT) rate in 2021 fiscal year as part of efforts aimed at increasing revenue generation. Minister of Finance, Budget and National Planning,…

Nigeria recorded Value Added Tax (VAT) of N424.71 billion for third quarter of 2020, the National Bureau of Statistics (NBS) has reported. The NBS made this known in its latest report titled "Sectoral Distribution of Value…

The Federation Accounts Allocation Committee (FAAC) Thursday reflated the economy with the disbursement of N639.901 billion to the Federal, States and Local Government Councils and agencies. The disbursement will allow all the…

The Nigeria Governors Forum (NGF) will on Thursday (today) hold an emergency meeting with the national leadership of the Nigeria Labour Congress and the Trade Union Congress to wade off the planned indefinite strike and nationwide protest…