VAT
18 Dec
As much as it is desirable to update the country’s tax laws, including a tweak at the sharing formula to promote equity and industry, it is also incumbent on the government to ensure that all segments of the polity are carried along.
13 Dec
President Bola Tinubu is focused on going through with the tax reform bills despite a barrage of criticism from the public, especially, from the North. Tinubu also turned down the advice of the National Economic Council (NEC) to withdraw the tax reform bills with the president optimistic that they would be successful. With the bills…
13 Dec
Despite sectional misgivings, the deepening of ethnic fault lines, and widespread mistrust in his reforms, Nigeria’s President Bola Tinubu’s push for a new tax regime may provide lifelines to businesses in the country’s north, according to a new report. Officials have argued that Nigeria’s tax system needs to be reformed, asserting that it has, over…
9 Dec
State governments may see their monthly proceeds from the value-added tax (VAT) pool balloon by a staggering 182 per cent to N650 billion if the controversial tax reform passes the critical legislative hurdles and secures the presidential assent law next year.
8 Dec
Nigeria’s Value Added Tax (VAT) revenue reached a record N1.78 trillion in the third quarter of 2024, recording a 14.16% growth. This indicates growth compared to the N1.56 trillion collected in the second quarter, highlighting the diversification of the country’s revenue base. A breakdown of the VAT figures for Q3 2024 shows local payments contributed…
6 Dec
The President of the Academic Staff Union of Universities (ASUU), Prof. Emmanuel Osodeke, has voiced strong opposition to the implementation of a controversial tax bill, asserting that an increase in VAT (Value Added Tax) would further burden many Nigerians who are already struggling with the removal of fuel subsidies and the floatation of the Naira.…
3 Dec
The new Nigeria Tax Reform Bills before the National Assembly will repeal over 50 taxes that constitute nuisance to Nigerian taxpayers. Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Mr. Taiwo Oyedele, stated this in his post on his X handle on Tuesday. The new tax bills have generated a lot of controversy…
3 Dec
The Chairman, Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has clarified a post challenging a proposed increase in the rate of Value Added Tax (VAT) which he shared on X in 2019. In the post, Oyedele said VAT rate increase will lead to higher inflation, interest rate hike, and more unemployment, adding…
3 Dec
Lagos and Rivers are two states that will witness an unfavourable change in the advent of the proposed value-added tax (VAT) derivation. This is according to the VAT Consumption Data by the National Bureau of Statistics (NBS). Under the current model, Lagos gets 80.26% but the new model will see -81% change, resulting in a…
3 Dec
The controversial Tax Reform Bills proposed by President Bola Tinubu were the focus of discussion yesterday during a special town hall meeting on Channels TV as participants expressed their views on the appropriateness or otherwise of the proposed legislation.
1 Dec
Former Vice President Atiku Abubakar has spoken out on the contentious tax reform bills proposed by President Bola Tinubu. Atiku’s statement follows the National Economic Council’s (NEC) recommendation to withdraw the Tax Reforms Bill, currently before the National Assembly. In a statement released on Sunday, Atiku emphasized the need for a fiscal system that promotes…
21 Nov
People have been talking about the proposed bill, discussing its potential, the concerns, and the necessary changes it could bring to Nigeria’s tax system. The Tax Reform Bill, with its proposed shift in the VAT derivation formula, is no small matter. The reform has the power to reshape Nigeria’s tax system and, by extension, its…
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