Malam Garba Shehu, Senior Special Assistant, Media and Publicity to the President, briefed State House correspondents after the FEC meeting presided over by President Muhammadu Buhari on Wednesday at the Presidential Villa, Abuja.
Browsing: Value Added Tax
Ahmed Idris, the Accountant-General of the Federation, says States and Local Government Councils will receive additional funds from February following the implementation of the 7.5 per cent Value Added Tax.
The Minister explained that the ministry was inundated with complaints and enquiries concerning the recent 7.5 per cent VAT deductions on voice calls and text messages by some Mobile Network Operators
The Accountant-General of the Federation, Alhaji Ahmed Idris, disclosed this on Monday in Abuja when he spoke with newsmen.
This was contained in a communique issued at the end of the Federation Accounts Allocation Committee meeting and signed by Ahmed Idris, the Accountant-General of the Federation, in Abuja
The Chairman of the Committee, Senator Solomon Adeola, made the disclosure in a statement issued by his Media Adviser, Kayode Odunaro, in Abuja on Thursday.
The party in a statement issued by its National Publicity Secretary, Kola Ologbondiyan on Thursday in Abuja said that the PDP rejected the decision.
The Federal Inland Revenue Service generated N311.94 billion as revenue between April and June 2019 through the collection of Value Added Tax, statistics provided by the National Bureau of Statistics have shown.
The National Bureau of Statistics said Nigeria generated N289.04 billion from Value Added Tax in the first quarter of 2019.
The Federal Inland Revenue Service says it will soon begin collection of Value Added Tax on online transactions.
The Federal Government has announced plans to charge Value Added Tax on lottery and gaming activities and automate collection from operators in the Lottery Sector.
The Executive Chairman, Federal Inland Revenue Service, Tunde Fowler, has stated that Value Added Tax is primarily designed to support poor Nigerians and not to create hardship for them, as it is charged on consumption and capacity to consume.
Nigeria’s influential employers union has warned the Federal Government not to go ahead with a proposal to increase the Value-Added Tax charged in the country.
The Federal Inland Revenue Service on Wednesday refuted report of planned increment of Value Added Tax by 50 per cent to meet up payment of the newly proposed minimum wage.
The Chairman of FIRS, Babatunde Fowler, dropped the hint when he appeared alongside other top officials in the Federal Ministry of Finance before the Senate Committee on Finance in Abuja
The News Agency of Nigeria reports that VAT is a consumption tax placed on a product whenever value is added at each stage of the supply chain, from production to the point of sale.
The National Bureau of Statistics says the revenue generated from Value Added Tax from sectoral distribution from first to third quarters of 2018 was N808 billion.
A statement by the Permanent Secretary, Ministry of Finance, Benjamin Fatigun, on Wednesday evening revealed that the State government got a total of N3,704,038,845.22 as allocation for May, as against the N3,358,957,097.84 it received in April.
A report published by The PUNCH stated that the sum represents a significant leap over the N778.19 billion recorded in the first quarter of last year.
The Saudi Arabian authorities also introduced a five per cent Value Added Tax on all services, excluding food items and medical drugs