Tag: VAT

“Were proposing law to increase VAT to 10%” Presidential Tax Cmtee

Aminu Imam
FG on VAT

Chairman Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, says the committee is proposing a law to the National Assembly to increase valued added tax from the current 7.5% to 10%. Oyedele, who stated this during an interview on a television programme yesterday, also said his committee was working to consolidate multiple taxes in Nigeria to ensure tax reduction. He added the tax law the committee drafted would be submitted to the National Assembly. According to him, We have significant issues in our tax revenue. We have issues of…

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Presidential Committee mulls increase on VAT rate

Aminu Imam
VAT

The Presidential Committee on Fiscal Policy and Tax Reforms has proposed an upward adjustment of the Value-Added Tax (VAT) rate from the current 7.5 percent, according to reports. Taiwo Oyedele, the committees chairman, also recommended reviewing the VAT revenue-sharing formula during a policy exposure and impact assessment session organized by the committee. The proposal comes amidst opposition to various new taxes and levies, including the 0.5 percent cybersecurity levy and stamp duty on mortgage loans. Experts, chambers of commerce, and Organised Labour have expressed concerns that these measures would impose…

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Nigerian Customs to start charging VAT on diesel imports

Aminu Imam

The Federal Inland Revenue Service, (FIRS), has issued a letter to diesel suppliers in Nigeria, informing them that they are required to pay Value-Added Tax (VAT) on automobile gas oil (AGO), or diesel imported into the country. The letter, dated June 8th, 2023, and addressed to diesel suppliers, was forwarded by the Assistant Comptroller-General of Tariff and Trade, MBA Musa, on behalf of the Deputy Comptroller-General of Tariff and Trade to diesel suppliers. According to the letter, the VAT Modification Order 2021 only exempts petroleum products of HS codes 2709.00.00.00…

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MAN demands VAT exclusion on diesel to address price increase

Aminu Imam

The Manufacturers Association of Nigeria, (MAN), has demanded the removal of Value-Added Tax (VAT) on diesel to address the current price hike. MAN, in a reaction to the current increase in the price of Automotive Gas Oil, (AGO), otherwise known as diesel, recalled that over the years, the sector has been battered by numerous familiar challenges that have plummeted a number of industries in Nigeria and converted industrial hubs in many parts of the country to warehouses of imported goods and event centres. The association identified key challenges confronting the…

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Kano beats entire South-East region in VAT collection – Report

Aminu Imam

Kano State has thrashed all five South-eastern States in value-added tax (VAT) collection for the first eight months of 2021. According to a report published yesterday, the VAT revenue records of the federal tax agency, the Federal Inland Revenue Service, (FIRS), indicate that Kano raised N24.4 billion, ahead of the five States that have accumulated a collection of N20 billion. The report is coming in the wake of a raging VAT dispute, legal fireworks and political negotiations between the Federal government and some States across the country. The data further…

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Northern governors hold emergency meeting over VAT, others

Aminu Imam

Governors of the 19 northern States are holding an emergency meeting in Kaduna on Monday over the sharing of Value-Added Tax (VAT) and other issues. According to the British Broadcasting Corporation, (BBC) Hausa service, Kaduna State governor, Nasiru Ahmed el-Rufa’i, will host the meeting, which will be chaired by the Chairman of the Northern Governors Forum, (NGF) and Governor of Plateau State, Simon Lalong. Recall that some southern States and the Federal Inland Revenue Service (FIRS) have been at loggerheads over the collection of VAT, with Lagos and Rivers state…

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VAT: North is rich, can live without billions accruing to Southern states NEF

Aminu Imam

The Northern Elders Forum, (NEF), says the north is a rich region and can survive on its resources without the billions accruing to Southern States. NEF Director of Publicity and Advocacy, Dr. Hakeem Baba-Ahmed, made this known when he featured on a television programme yesterday. He was reacting to the tussle between states and the Federal Government on the collection of Value Added Tax. VAT is a consumption tax paid when goods are purchased and services are rendered. It is charged at a rate of 7.5%. Although Rivers and Lagos…

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VAT Dispute: ‘Aspire To Generate N10-15Bn Monthly IGR’ – PGF DG

Aminu Imam

…Tasks Zamfara, Ebonyi, Others Godwin Amunde The Director-General of the Progressives Governors Forum, (PGF) – the umbrella body of Nigerian governors elected on the platform of the governing All Progressives Congress (APC) – Dr. Salihu Lukman, said there is no reason why any state in the country, including Zamfara, Yobe, Osun, Ekiti, Abia, Ebonyi, should not aspire to generate at least N10 15 billion monthly as Internally Generated Revenue. He added that it was time for Nigerian politics to be refocused to tap into the productive potential of each…

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VAT windfall: Gov. Wike eyes $750m for Rivers govt. from $10bn NLNG Train-7 project

Aminu Imam

Apparently unfazed by the Abuja Court of Appeal judgment which restrained Rivers State government from collecting Value-Added Tax (VAT) and sundry taxes yet in the State, Governor Nyesom Wike has set eyes on his administrations collection of $750million proceeds expected to accrue from the $10billion Nigerian Liquefied Natural Gas (NLNG) Train-7 development. In a statement issued yesterday, by his Media Aide, Kelvin Ebiri, over Sundays send-off ceremony in Port Harcourt for out-gone NLNG Managing Director, Tony Attah, the Governor was quoted as saying that, the 7.5 VAT from the NLNG…

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VAT: Igbo group accuses FG for act of fraud against indigenous Nigerians

Aminu Imam

A group in the South-East under the umbrella of the Igbo National Movement, (INM), has slammed the Federal Governments mode of collection of the Value-Added Tax, (VAT), describing it as fraudulent and not in the best interest of some indigenous Nigerians. In a statement issued in Owerri at the weekend by the convener, Anthony Okolo, it frowned at the Federal Governments acts of VAT collection, noting that the recent efforts of the Rivers State governor, Nyesom Wike,  on the rights of the State to collect VAT should be an eye-opener…

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