Value Added Tax (VAT)
9 May
The chairman of the presidential committee on fiscal policy, Taiwo Oyedele, has highlighted reforms needed in Nigeria's Value Added Tax (VAT) system. Oyedele was quoted in a report to have said at an event on Monday that there is a need to increase Nigeria’s VAT rate which currently stands at 7.5 percent. However, Oyedele in…
6 May
Experts have warned the government against increasing value-added tax (VAT) in a desperate move to increase public revenue. The Fiscal Policy and Tax Reform Committee led by Taiwo Oyedele, in its 2024 National Tax Policy (NTP) proposal submitted to the government, proposed among other things, an increase in VAT to generate more revenue.
23 Nov 2023
Significant increases in import duty, petroleum profit tax (PPT), value-added tax (VAT), and electronic money transfer levy (EMTL) boosted federation revenue in October 2023, with the three tiers of government sharing N906.96 billion.
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