The Federal High Court had on Aug. 9, declared that it was Rivers government and not the FIRS that should collect Value Added Tax, (VAT) and Personal Income Tax in Rivers.
Browsing: VAT
A bill for a law to impose and charge Value Added Tax on certain goods and services, provide for administration…
According to a statement by the Director General of LCCI, Dr. Chinyere Almona, the current sharing formula is a major factor for the Value Added Tax imbroglio between state governments and the Federal Inland Revenue Service.
Both are currently, subjects of raging legal tussles between some states and the Federal Government.
The pervasive presence of the ant makes the world to believe that it has turned the globe into one huge colony.
It also passed the bill that prohibits open cattle grazing in the state.
The Governor spoke at a stakeholders’ meeting in Port Harcourt, the state capital, while addressing business owners.
Following the milestone ruling, the Lagos State Government has rightly expressed its readiness to begin the collection of VAT in accordance with the judgment.
Ajulo made the call on Monday in ‘A Short Memo’ he addressed to the governor.
The FIRS issued the directive following numerous enquiries to the service in view of a recent judgment obtained by the Rivers State Government at the Federal High Court, Port Harcourt, which ruled that states, and not the Federal Government, are constitutionally empowered to collect VAT.
This was contained in a statement by Oshundun Olajide, Deputy Director (Information), Ministry of Finance, Budget and National Planning on Friday.
The FIRS disclosed this in a statement by its Director, Communications and Liaison Department, Abdullahi Ismaila Ahmad.
Mr Bassey Essien, Executive Secretary, NALPGAM, made the appeal in an interview with the News Agency of Nigeria (NAN) on Wednesday in Lagos.
This was revealed in a statement by the Office of Accountant General of the Federation on Friday.
The approval followed the consideration of a report by the Joint Committee of the Senate and House of Representatives on Police Affairs.
The PDP stalwart spoke in a statement in Abuja on Sunday.
NBS disclosed this in its latest report published on its Sectoral Distribution of VAT for Q1 2021.
According to the financial result published by the country’s largest cement manufacturer on Friday, April 30, 2021, the amount is due from corporate tax for the period ended March 31, 2021.
According to the Central Bank of Nigeria (CBN) monthly economic report, the government’s revenue fell below its benchmark, owing to the decline in non-oil receipts, resulting from the lingering effects of the COVID-19 pandemic on business activities and shortfalls in tax revenue.
Dangote’s Group Executive Director, Strategy, Portfolio Development & Capital Projects, Devakumar Edwin revealed that, while a bag of cement sells for an equivalent of $5.1, including VAT in Nigeria, it sells for $7.2 in Ghana and $5.95 in Zambia ex-factory, inclusive of all taxes. He said that though the company has direct control over its ex-factory prices, it cannot control the ultimate price of cement when it gets to the market. He advised that it is important to distinguish Dangote’s ex-factory prices from prices at which retailers sell cement in the market.