President Bola Tinubu’s Senior Special Assistant on Media and Publicity, Temitope Ajayi, has outlined how the controversial Tax Reform Bills are designed to enhance states’ revenue generation and economic growth. The bills – the Nigeria Tax Bill 2024, Nigeria Tax Administration Bill, Nigeria Revenue Service (Establishment) Bill, and Joint Revenue Board (Establishment) Bill – have … Read more
Borno State Governor, Babagana Zulum, has revealed that northern governors require more time to consult on President Bola Tinubu’s proposed tax reforms. He explained that this was the reason they advised the President to withdraw the bills for further discussions. Speaking on Channels Television’s Sunday Politics on Sunday, Governor Zulum clarified that the northern governors … Read more
Senator Ali Ndume, representing Borno South, has identified poor timing as a key factor contributing to opposition against the proposed tax reform bills. Speaking on the floor of the Senate on Thursday, Ndume acknowledged that while the bill could have good potential, introducing it at this time would be problematic due to the current public … Read more
Finance Minister and Coordinating Minister of the Economy, Wale Edun, has dismissed rumours of an imminent increase in the Value-Added Tax (VAT) rate from 7.5% to 10%. In a statement released on Monday, Edun clarified that the VAT rate remains firmly at 7.5%, as stipulated by Nigerian tax laws. EDITOR’S PICKS School Proprietress Allegedly Killed, … Read more
Court rules: FIRS can collect VAT from Lagos hotel owners …VAT is a consumption tax payable when goods are purchased and services are rendered. EDITOR’S PICK: BREAKING: NollyWood Actress Jenifa, Husband JJC Skillz Marriage Crashes JUST IN: Trouble As Gateman Impregnates Boss Daughter In Lagos JUST IN: Again, Another 3 Year Old Boy Declared Missing … Read more
The communique confirmed that from the total distributable revenue of ₦675.946 billion… EKO HOT BLOG reports that the Federation Accounts Allocation Committee (FAAC) has shared a total of ₦675.946 billion to the Federal Government, states, and local government councils as the Federation Account revenue for November, as a total of ₦196.175 billion Value Added Tax … Read more
A Federal High Court in Port Harcourt had in a ruling delivered in August granted the Rivers State government the right to collect VAT EKO HOT BLOG reports that the Federal Government is considering an out-of-court settlement to resolve the lingering disagreement with states over the collection of the Value Added Tax (VAT). Minister of … Read more
According to the attorney-general, states that are recognised by the Constitution to collect VAT… The Court of Appeal sitting in Abuja has granted a request by the Lagos State Government, seeking to join Rivers State in the appeal filed by the Federal Inland Revenue Service (FIRS). The FIRS had filed an appeal at the appellate … Read more
Other grounds upon which the application was based include that the decision of the appellate court will affect the collection of VAT by the government of Oyo State… The government of Oyo State has asked the Court of Appeal sitting in Port Harcourt, Rivers State, for joinder in the suit instituted by the Rivers State … Read more
There has been a dispute between the Federal and state governments in the South on the collection and remittance of VAT… Governors of the 19 northern States are meeting in Kaduna State over the controversies on the Value Added Tax (VAT). A Federal High Court in Port Harcourt, Rivers State, had on August 9 issued … Read more
The communique indicated that total revenue distributable for the month included gross statutory revenue of ₦477.504 billion, VAT of ₦166.228 billion The Federation Accounts Allocation Committee (FAAC) has shared a total of ₦696.965 billion as federation allocation for the month of August. Oshundun Olajide, a Deputy Director of Information at the Office of Accountant General … Read more
House Of Reps has passed a bill enabling states to collect VAT in Nigeria. Ekohotblog reports that law to enable states’ to collect Value Added Taxes, VAT and their right to mine and control their resources, has been reportedly passed by the House of Representatives. This online newspaper understands that some states … Read more
The war between Federal government and States rages on as FG sets plan in motion to drag rights with states. The administration of the President Muhammadu Buhari is considering suing the governments of Rivers and Lagos at the Supreme Court to end the VAT war “once and for all,”. EkoHotBlog gathered that the Minister of … Read more
Strong Indications have emerged that the attempt by the Federal Inland Revenue Service to have the exclusive powers to collect Value Added Tax(VAT) has stalled at the National Assembly. Investigations by our correspondent revealed that the two chambers of the federal parliament would not debate the controversial issues of the Value Added Tax and Stamp … Read more
Governor Akeredolu spoke a day after he presided over a meeting of the southern governors… Ondo State Governor, Oluwarotimi Akeredolu, on Friday described the collection of Value Added Tax (VAT) by state governments as a settled deal. He believes those resisting the collection of VAT by states in place of the Federal Inland Revenue Service … Read more
The governors also reaffirmed their stand on open-grazing ban, urging every State in the region to quickly pass a law to that regards. Southern Governors met in Enugu on Thursday, declaring that it is within their purview to collect the Value Added Tax, VAT. This is coming amid row between the Rivers State Government and … Read more
Rivers State government, through its Attorney-General, has headed to the Supreme Court to set aside the decision of the Court of Appeal that ordered the state to maintain status quo on the collection of Value Added Tax, VAT, pending the determination of an appeal that was lodged by the Federal Inland Revenue Service, FIRS. Rivers … Read more
According to Nichola Tofowomo, an Ondo lawmaker, Lagos governor Babajide Sanwo-Olu has done well with the signing of Value Added Tax (VAT) into law. Senator representing the Ondo South Senatorial District, Nicholas Tofowomo, has commended the Governor Babajide Sanwo-Olu of Lagos State and Nyesom Wike of Rivers State. Commending Sanwo-Olu, Tofowomo praised him for passing … Read more
The National Vice Chairman South South of the Peoples Democratic Party (PDP) Chief Dan Orbih has challenged South South Governors to support the ongoing legal moves to reposition the collection of Value Added Taxes (VAT) by States. Orbih noted in an interview that the recent amendments to VAT laws by Rivers, Lagos States was a … Read more
The Court of Appeal in Abuja will at any moment deliver a ruling in an application by the Lagos State Government seeking to be made a party and co-respondent in the appeal filed by the Federal Inland Revenue Service, FIRS, against the Rivers State Government. FIRS, in an appeal marked CA/PH/282/2021, is praying the court … Read more