…the respondents have been given two days to file their response, while the applicants were given a day to reply on the point of law. The Appeal Court sitting in Abuja has ordered all parties to maintain status quo and refrain from taking action that would give effect to the judgement of a Federal High … Read more
Anti open grazing and Value Added Tax (VAT) bills would be forwarded to Governor Babajide Sanwo-Olu of Lagos State for assent. Anti open grazing and Value Added Tax (VAT) bills have been passed at the Lagos State house of assembly. READ ALSO: Anti Open Grazing Law: How Lagos Govt Want To Deal With Erring Herdsmen … Read more
Obasa has revealed the amount of VAT generated annually in Lagos State. EKOHOTBLOG reports that the Speaker of the Lagos State House of Assembly, Mudashiru Obasa, on Wednesday, disclosed that Lagos State generates an excess of N500 billion in Value Added Tax (VAT) form annually. Meanwhile, the State Attorney-General and Commissioner for Justice, Mr Moyosere … Read more
Rivers State Governor, Nyesom Wike (CON) has said the battle of Value Added Tax (VAT) with Federal Inland Revenue Service (FIRS) is not targeted at the President or State in Nigeria, it is about the system. The Governor disclosed this in a Facebook post. According to Wike, In June N15.1 billion was generated in Rivers … Read more
“As the decision is being appealed and given the pending applications for injunction and stay of execution which the FIRS has filed in court against the judgement, members of the public are advised to continue complying with their Value Added Tax obligations.” The Federal Inland Revenue Service (FIRS) on Sunday said it had appealed a … Read more
NOVEMBER 6, 2020 Despite the fact that Nigeria’s current fiscal federalism framework allows states (and local governments) to collect many taxes, levies and fees, the total internally generated revenues by states are currently less than one percent of GDP. Kaduna State Governor, Nasir El-Rufai has lamented that Nigeria is not collecting as much public revenue … Read more
The presidency had made public the breakdown of Finance Bill, 2019, which was submitted to the National Assembly by President Muhammadu Buhari alongside the 2020 Appropriation Bill, and signed into law by the president on Jan. 13, 2020. The breakdown was released by Mr Laolu Akande, Senior Special Assistant to the President on Media and … Read more
In a bid to make sure that the price of living does not rise for Nigerians because of the modifications in the Value-Added Tax, Federal Government has clarified that tuition relating to nursery, primary, secondary and tertiary education, several basic food items and locally manufactured sanitary towels have been exempted from attracting value added tax. … Read more
The federal government of Nigeria has said the commencement of the implementation of the new Value Added Tax (VAT), 7.5 percent, is to take effect from February 1, 2020, after all the necessary administrative procedures have been completed, especially the Gazette of the recently signed 2019 Finance Act by the Federal Ministry of Justice. This … Read more
The Value Added Tax (VAT) goes from five per cent to 7.5 per cent following President Muhammadu Buhari’s signing of the 2020 Finance Bill. Ekohotblog recalls Buhari signed the Bill on Monday. But the implementation will be delayed till the new law is gazetted. It is not clear how soon this will be done. The … Read more
Peoples Democratic party rejects the proposed increase of value added tax by the President Buhari led administration. PDP said this plan will further worsen the situation of the people who are already improvish. The Peoples Democratic Party (PDP) has rejected Federal Government’s decision to increase Value Added Tax (VAT) from 5 per cent to … Read more
FSDH has proposed hike in Value Added Tax (VAT) rate and recommended measures for increasing VAT revenue by 218 percent. The bank, in its monthly Economic and Financial Market Outlook, stressed that the proposed increase in VAT rate to 10 percent from five percent will reduce household consumption and compliance with tax payments. Speaking at … Read more