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.
Browsing: VAT
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.
Daibu Abubakar, the Press Secretary, Ministry of Finance and Planning, disclosed this in a statement issued on Saturday in Ilorin.
The group expressed its reservation about the hike in a statement issued on Thursday in Aba by its Executive Director, Nelson Nnanna.
The NBS made this known in its “Sectoral Distribution of Value Added Tax Data for Q3 2020” released on Monday in Abuja.
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.
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 break down was released by Laolu Akande, Senior Special Assistant to the President on Media and Publicity, Office of the Vice President, on Sunday in Abuja.
The Auditor General of the Federation, Ahmed Idris, had earlier in the week said the implementation of the VAT increase had commenced.
This is sequel to its passage by the National Assembly and subsequent forwarding by the legislature to the President for assent.
The NBS made this known in its Sector Distribution of VAT for 2019 third quarter report in Abuja on Monday.
This was made known by the Minister of Finance, Zainab Ahmed, while justifying the proposed Finance Bill before the Senate Committee on Finance.
The Senate on Thursday smuggled a Bill seeking to raise Value Added Tax to 7.5 per cent from 5 per cent into Second Reading.
Executive Chairman, Federal Inland Revenue Service, Tunde Fowler, has said that Nigeria will earn at least 80 per cent of her revenues from the non-oil sector of the economy in the next three years.
Justice Aikawa gave the order while delivering judgment in the suit seeking to restrain the Attorney General of Lagos State from enforcing the Hotel Occupancy and Restaurant Consumption (Fiscalisation) Regulations Law (HORC), 2017, in the view that VAT Act has covered the field.
Human Rights Lawyer, Femi Falana, has called on the Federal Government to propose a Money Bill to the National Assembly before the implementation of the increase in Value Added Tax.
Dr Samuel Nzekwe, a former President, Association of National Accountants of Nigeria, has advised the Federal Government to intensify efforts implementing the five per cent Valued Added Tax rather than increasing it.
The party said the decision is anti-people, suppressive and further confirmed the Buhari Presidency as extremely exploitative, inconsiderate and absolutely insensitive to the sufferings which it has plunged Nigerians into in the last four years.
Timothy Olawale, NECA’s Director General, made this known in Lagos on Thursday.
The delegates, under the auspices of the African Tax Administration Forum, are holding ATAF Technical Workshop on Value Added Tax, in the Nigeria capital, Abuja.