VAT

The Federal Inland Revenue Service (FIRS) has said that the Federal Government is eyeing a Value Added Tax (VAT) of N5 trillion in 2024, while also putting mechanisms in place to close identified tax gaps. It also said that the FG was…

National Bureau of Statistics (NBS) on Thursday revealed that Nigeria’s economy earned N2.33 trillion from Value Added Tax (VAT) and Company Income Tax (CIT) in the fourth quarter of 2023 The report by NBS disclosed that VAT collections…

Despite the mounting challenges against manufacturers, the real sector reported the largest Value Added Tax (VAT) in the third quarter of the year, accounting for N251.33 billion of the total N948.07 billion pooled by the Federal Inland…

Accruals to the Federal Inland Revenue Service (FIRS) from both the Company Income Tax and the Value Added Tax peaked at N1,451,260,000 for the last three months in 2022, surpassing the N1,435,580,000 garnered in the third quarter of the…

The Value Added Tax (VAT) earnings of the federal government of Nigeria jumped 4.21 percent to N625.39 billion in third quarter of 2022 (Q3, 2022) up from N600.15 billion generated in previous Q2 2022, and a 24.95 percent increase…

The Federation Account Allocation Committee (FAAC) has injected a total sum of N725.571 billion revenue pooled in March 2022 into the economy, sharing it among the three components units of government and other statutory transfers.…

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…

Despite the lockdown measures which hit earnings of companies in 2020, Value Added Tax revenue(VAT) from the different sectors of the economy increased, adding N35 billion to peak at N1.53 trillion from N1.18 trillion of 2019. Data from…

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…

The Senate on Wednesday approved a budget of N168,809,476,220 for the Federal Inland Revenue Service (FIRS) for the 2020 fiscal year. The approval came following the consideration of a report by the Senate Committee on Finance.…