Tag "VAT increase"

    TIN for individual business accounts, no VAT on pads… 15 ways new finance bill will change Nigeria

TIN for individual business accounts, no VAT on pads… 15 ways new finance bill will change Nigeria

The finance bill signed by President Muhammadu Buhari will affect Nigeria's economic space in more ways than one.Checks by TheCable showed that the bill amends 80 provisions across the companies income tax, petroleum profits tax, personal income tax, value-added tax, customs and excise duties, capital gains tax and stamp duties.The bill, which was signed into law on Monday, has a [...]

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    Senate approves Buhari’s request to increase VAT

Senate approves Buhari’s request to increase VAT

The senate has approved the request by President Muhammadu Buhari to increase value added tax (VAT) from 5 percent to 7.5 percent.The senate approved the request after Solomon Olamilekan, chairman of the finance committee, presented a report on a bill entitled 'Nigeria tax and fiscal law'.In September, the federal executive council (FEC) approved an increase in VAT and sent a [...]

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    Fowler: No harm in introducing communication tax, Nigerians talk a lot on phone

Fowler: No harm in introducing communication tax, Nigerians talk a lot on phone

Babatunde Fowler, chairman of the Federal Inland Revenue Service (FIRS), says there is no harm in introducing a communication tax.Fowler made this known on Monday while speaking to TheCable on the sidelines of the ongoing Nigerian Economic Summit Group conference holding in Transcorp Hilton in Abuja."I will put it this way, Nigerians talk a lot on the phone; they even [...]

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    PDP says FG’s plan to increase VAT is cruel

PDP says FG’s plan to increase VAT is cruel

The Peoples Democratic Party (PDP) has described plans by the federal government to increase value-added tax on specific items as cruel and anti-people.In a statement on Friday, Kola Ologbondiyan, PDP spokesperson, said the move shows that President Muhammadu Buhari is insensitive to the plight of the citizens who are already groaning under economic hardship.On Wednesday, Zainab Ahmed, minister of finance, [...]

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Exchange Rates

January 20, 2019USDGBPEUR
INTERBANK306397354
LAGOS355444389
KANO354445370
PH355447412
ABUJA356454413
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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