Tag "vat"

    Osinbajo: Nigeria’s VAT still low compared to other African countries’

Osinbajo: Nigeria’s VAT still low compared to other African countries’

Vice-President Yemi Osinbajo says the new value-added tax (VAT) rate of 7.5 percent is still low when compared to that of other African countries. NAN quoted Osinbajo as saying this while speaking at the Inspiration Conference 2020 organised by the Redeemer’s Men Fellowship in Lagos on Saturday. President Muhammadu Buhari recently signed the finance law which increased VAT by 50% from the [...]

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    Like senate, house of reps approves VAT increase

Like senate, house of reps approves VAT increase

The house of representatives has approved the request by President Muhammadu Buhari to increase value added tax (VAT) from 5 percent to 7.5 percent. The lower legislative chamber approved the request during Thursday’s plenary session. Buhari sent the finance bill in October. The senate also passed the bill a week ago amid opposition from some lawmakers. The finance bill seeks to amend six tax [...]

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    Bill to increase VAT passes second reading — but senators don’t know its details

Bill to increase VAT passes second reading — but senators don’t know its details

A bill seeking to raise value added tax (VAT) to 7.5% from 5% has passed second reading at the senate -- but not without some drama. The federal executive council (FEC) approved an increase in VAT in September. The bill entitled: 'Nigeria tax and fiscal law, 2019', is sponsored by Yahaya Abdullahi, senate majority leader. After Abdullahi moved a motion for the commencement [...]

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    Yam, egg, milk, fish now exempted from VAT — highlights of 2020 budget

Yam, egg, milk, fish now exempted from VAT — highlights of 2020 budget

On Tuesday, President Muhammadu Buhari presented the 2020 appropriation bill of N10.33 trillion to the national assembly. The appropriation bill also comprises statutory transfers of N556.7 billion, non-debt recurrent expenditure of N4.88 trillion and N2.14 trillion of capital expenditure. We bring you key other highlights of the budget below: WORKS GETS LION SHARE, NIGER DELTA MINISTRY GETS LEAST The ministry of works and housing [...]

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    Falana to FG: VAT increase illegal without national assembly passing a bill

Falana to FG: VAT increase illegal without national assembly passing a bill

Femi Falana, a human rights lawyer, says the proposed value-added tax (VAT) increase by the federal government is in violation of the law if the national assembly has not passed a bill to that effect. Zainab Ahmed, minister of finance, had announced that the federal executive council (FEC) approved an increase in VAT from 5% to 7.5%. She said the council is [...]

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    Much ado about VATs and charges

Much ado about VATs and charges

Every great and rational leader means well for the governed. Many want to be remembered for good by leaving behind great legacy. The challenge in this is the process, attitude and communications. President Buhari’s team seems to have good plan and mean well if one looks behind the veils. Unfortunately what I have seen over the years is government keeps [...]

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    Zainab Ahmed: FEC approved increase in VAT to 7.5% — NOT 7.2%

Zainab Ahmed: FEC approved increase in VAT to 7.5% — NOT 7.2%

Zainab Ahmed, minister of finance, budget and national planning, says the federal executive council (FEC) approved an increase in value added tax (VAT) from 5% to 7.5% and not 7.2% which was announced earlier. On Wednesday, the minister told state house correspondents at the end of the cabinet meeting that the FEC approved the increase to 7.2%, which is now subject [...]

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    FEC approves increase in VAT rate to 7.2%

FEC approves increase in VAT rate to 7.2%

The federal executive council (FEC) has approved an increase in value added tax (VAT) rate from 5 percent to 7.2% percent Zainab Ahmed, minister of finance, budget and national planning, disclosed this to state house correspondents at the end of the cabinet meeting on Wednesday. However, this is subject to an amendment of the VAT act of 1994 by the national assembly. If [...]

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    Uber, Jumia, Netflix…. businesses that may be affected by FIRS’ new VAT policy

Uber, Jumia, Netflix…. businesses that may be affected by FIRS’ new VAT policy

Businesses operating in Nigeria's internet space are preparing to add value-added tax (VAT) to their cost of doing business. Babatunde Fowler, executive chairman of the Federal Inland Revenue Service (FIRS) recently announced that the service will extend its tax net by charging 5% VAT on online transactions. Since its inception, the Muhammadu Buhari-led administration has made attempts to increase government's revenue. In collaboration [...]

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    FIRS generates N1.5tn in three months, beats 2018 record

FIRS generates N1.5tn in three months, beats 2018 record

The Federal Inland Revenue Service (FIRS) says it  generated N1.5 trillion as revenue in the first quarter (Q1) of 2019. Babatunde Fowler, FIRS chairman disclosed this to NAN on the sidelines of a high-level meeting on illicit financial flows hosted by the United Nations General Assembly in New York, US, at the weekend. The revenue represents a 28% increase from the N1.17 [...]

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    IMF supports VAT hike, asks FG to recapitalise weak banks

IMF supports VAT hike, asks FG to recapitalise weak banks

The International Monetary Fund (IMF) says the federal government should end fuel subsidies and create a credible timeline to recapitalise weak banks in the country. At the conclusion of the IMF Executive Board 19 Article IV Consultation with Nigeria, the financial institution expressed its support for the government's plans to reform and raise value-added tax (VAT). In its report seen by TheCable, [...]

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    Tax default: FIRS extends ‘account freeze’, plans to recover N750bn by June

Tax default: FIRS extends ‘account freeze’, plans to recover N750bn by June

Babatunde Fowler, executive chairman of the Federal Inland Revenue Service (FIRS), says the service plans to recover N750 billion from 55,000 defaulting taxpayers by extending its account substitution policy. Fowler was speaking in Abuja on Tuesday during a meeting with the joint house committees on finance; appropriations; and aids, loans and debt on the 2019/2021 Medium Term Expenditure Framework (MTEF) and [...]

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    Don’t increase VAT, Tinubu warns FG

Don’t increase VAT, Tinubu warns FG

Bola Tinubu, a national leader of the ruling All Progressives Congress (APC), has advised the federal government not to increase value added tax (VAT). Speaking at the colloquium held in commemoration of his 67th birthday, the APC leader said such action could lead to hardship among Nigerians. He counselled the government to widen the tax net. "I must say this to Prof Osinbajo [...]

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    Sowore’s movement rejects plan to increase VAT

Sowore’s movement rejects plan to increase VAT

Take It Back movement,the group which coordinated the presidential campaign of Omoyele Sowore, publisher of SaharaReporters, says plans by the federal government to increase value added tax (VAT) is cruel. Babatunde Fowler, chairman of the Federal Inland Revenue Service (FIRS), had on Tuesday said Nigerians should brace up for a VAT increase, adding that the impending increase was one of the [...]

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    FIRS: No plan to increase VAT to 50 percent

FIRS: No plan to increase VAT to 50 percent

The Federal Inland Revenue Service (FIRS) says it has no plans to increase the rate of value added tax (VAT) from 5 percent to 50 percent. The tax administration agency was reacting to reports that Babatunde Fowler, its chairman, had proposed that VAT increase to 50 percent. Fowler allegedly made the recommendation during a session with members of the senate finance [...]

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    FIRS generates N23bn by ‘freezing’ accounts of 3,000 tax defaulters

FIRS generates N23bn by ‘freezing’ accounts of 3,000 tax defaulters

The Federal Inland Revenue Service (FIRS) says it generated over N23 billion in unpaid taxes from the recently suspended restriction on the corporate bank accounts of tax defaulters. Babatunde Fowler, FIRS chairman, was speaking in Lagos on Thursday at the Manufacturers Association of Nigeria (MAN) interactive forum on tax matters. According to him, the focus of the suspension exercise was on [...]

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Exchange Rates

March 25, 2019USDGBPEUR
INTERBANK306397354
LAGOS380478402
KANO375477498
PH380478498
ABUJA375476400
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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