The federal government is planning to raise the Value Added Tax (VAT) from 7.5 percent to 10 percent. EKO HOT BLOG reports that an executive bill to formalize the increase has already been submitted to the National Assembly. According to a Sunday report by The Cable, the proposed legislation seeks to gradually raise the VAT … Read more
President Bola Ahmed Tinubu has submitted four tax reform bills to the House of Representatives, requesting their consideration and swift passage. The announcement was made during a plenary session on Thursday, where Speaker Abbas Tajudeen read the President’s letter, highlighting the importance of the proposed legislation. The bills aim to align with Tinubu’s administration’s objectives … Read more
The Federal Inland Revenue Service (FIRS) has revealed plans to introduce an e-invoicing platform aimed at improving Nigeria’s tax administration system. The digital platform, called FIRS e-Invoice, is designed to streamline invoice processing in compliance with the Tax Administration and Enforcement Act of 2007. FIRS Executive Chairman, Zacchaeus Adedeji, announced this during a stakeholders’ engagement … Read more
The charade of Nigeria is never-ending! Only recently, one of Nigeria’s best-known cross-dressers, Idris Okuneye, alias Bobrisky, was arrested on charges of abusing banknotes. He was later convicted and sentenced to six months in prison. Not long after, popular socialite, Pascal Okechukwu, aka Cubana Chief Priest, was also arrested for alleged naira abuse and he’s … Read more
Eko Hot Blog reports that the Chairman of the Presidential Fiscal Policy and Tax Reform Committee, Taiwo Oyedele, has revealed that about 81% of Nigerians within the employment pool are not engaged in any productive sector of the economy. Despite Nigeria boasting a relatively low unemployment rate of 4.2%, the majority of those employed are … Read more
Eko Hot Blog reports that the Chairman of the Presidential Committee on Tax Policy and Fiscal Reforms, Taiwo Oyedele, has pushed for the suspension of Value Added Tax (VAT) on Automotive Gas Oil also known as diesel. According to him, suspension of VAT on diesel will be a way to cushion the harsh economic effects … Read more