• Revealed: FG plans to increase VAT coverage from 10% to 20%

    Revealed: FG plans to increase VAT coverage from 10% to 20%

    Mr Laolu Akande, the Senior Special Assistant to the Vice President on Media and Publicity, has revealed that the Federal Government has no plans to impose new taxes but to expand the scope of Value Added Tax (VAT) in a drive for additional revenue.

     

    Akande said this in Abuja on Sunday that VAT was presently covering 10 per cent of the total areas expected at the rate of five per cent.

    “We want to increase the coverage to 20 per cent because […]

  • FIRS- Nigerians To Start Paying VAT On International Passports

    FIRS- Nigerians To Start Paying VAT On International Passports

    The Executive Chairman of the Federal Inland Revenue Service, Dr. Babatunde Fowler, on Monday said soon Nigerians might begin to show evidence of tax payment before obtaining their passports.

    Fowler said this in Abuja at the 136th meeting of the Joint Tax Board, which had the theme: “Increased Inter-Agency Co-operation to Enhance Tax Compliance and Optimise Revenue Collection,”

    Fowler said: “We did take a position and I believe it would be implemented in the very near future that before you get any […]

  • Senate passes NEDC bill, approves 3% federal VAT for 10 years

    Senate passes NEDC bill, approves 3% federal VAT for 10 years

    According to reports, the Senate yesterday passed the North-East Development Commission (NEDC) Bill which empowers the Federal Government to set up a commission to rehabilitate the Boko Haram devastated North-East region.

    Strangely and interestingly, the Senate included Kano and Plateau States in the list of states to benefit from the commission’s funds for rebuilding the region, even though they are located in North-West and North-Central geopolitical zones respectively.

    The decision to include Kano and Plateau in the rebuilding plan followed a protest […]