NCC, FIRS sign MoU to ascertain accuracy of VAT elements paid by operators on transactions
The Nigerian Communications Commission (NCC), has signed a Memorandum of Understanding (MoU) with the Federal Inland Revenue Service (FIRS) to ensure accuracy and completeness of tax transactions of telecoms…
7.5% VAT, Stamp Duty charge on N10,000 and above transfer takes effect today
The new 7.5 percent value added tax, VAT, and the N50 singular and one-off Stamp Duty charge on electronic receipt or transfer of money, N10,000 or more, deposited in any…
Nigerians to pay 7.5% VAT as Buhari signs Finance Bill into law
President Muhammadu Buhari on Monday signed the 2020 Finance Bill into law.Mr Femi Adesina, the Special Adviser to the President on Media and Publicity, confirmed this development in a statement…
PDP Reps insist on thorough scrutiny of 2020 budget
The Peoples Democratic Party (PDP)-led opposition in the House of Representatives at the weekend, picked holes in the N10.33 trillion 2020 budget, insisting that the annual estimate will be subjected…
Budget 2020: 10 food items exempted from VAT
The Value Added Tax (VAT) Act in Nigeria exempts pharmaceuticals, educational items, and basic commodities. President Muhammadu while presenting the 2020 budget at the National Assembly on Tuesday, stated that…
Nigerians must pay 7.5% VAT, insists Buhari; exempts food items, MSMEs
President Muhammadu Buhari says the 7.5 percent VAT is inevitable, stressing that the Finance Bill 2019 he forwarded to the National Assembly, when passed into law, will permit government to…
CBN backs FG’s plan to increase VAT, says Nigerians should show support Â
CBN Governor, Godwin Emefiele The Governor of Central Bank of Nigeria (CBN), Mr Godwin Emefiele says the plan to increase Value Added Tax (VAT) from five per cent to…
FG reels out plans, targets for LPG sub sector development, says 2m jobs can be created
The Federal Government through a range of interventions and policy implementation will significantly improve domestic and industrial utilisation of Liquefied Petroleum Gas (LPG) in Nigeria, according to Vice President Yemi…
Insecurity: The current security system has failed the country – Wabba
NLC President, Mr Ayuba Wabba The President of the Nigeria Labour Congress (NLC), Mr Ayuba Wabba, has decried the increased state of insecurity in the country. Wabba, who disclosed this…
Lottery, Gaming Activities: Users to Pay 5% VAT on Each Transaction -FG
FIRS Boss, Babatunde Fowler The Federal Government has announced plans to charge Value Added Tax (VAT) on lottery and gaming activities. This was announced in Lagos at a stakeholders’ engagement…