Archives Tag: Value Added Tax
How VAT Court Order Favouring States May Enforce Restructuring
April 19, 2022
A lot has been said about the need for State governments to collect Value Added Tax (VAT) in their domains, but no concrete action was taken until Governor Nyesom Wike of Rivers State challenged the unfair practice in court. Read more about Finance After Wike’s audacious suit challenging the FIRS and the Attorney General … Continue reading How VAT Court Order Favouring States May Enforce Restructuring
By adedoyin
Analysis: The Unfair VAT Benefit by Sharia States
April 19, 2022
There has been a lot of restrained sentiment in the past about Sharia states in Northern Nigeria benefiting from the portions of Value Added Tax (VAT) which they did not contribute towards. It is public knowledge now that Sharia states which include Zamfara, Kano, Sokoto, Katsina, Bauchi, Borno, Jigawa, Kebbi, Yobe, Kaduna, Niger, Gombe, have … Continue reading Analysis: The Unfair VAT Benefit by Sharia States
By adedoyin
What the Increase in Nigeria’s VAT Could Mean for Businesses
April 19, 2022
On Wednesday 12 September, Nigeria’s Federal Executive Council agreed to have the value added tax (VAT) on goods raised from 5% to 7.5%. It’s widely understood that the rate hike is intended to fund the recently approved minimum wage, which has been revised upward from ₦18,000 to ₦30,000. The approval comes months after economic analysts … Continue reading What the Increase in Nigeria’s VAT Could Mean for Businesses
Nigeria: For 2012, $32 billion was Government Income, from Taxes
April 19, 2022
The Federal Inland Revenue Service (FIRS) has reported N5.007 trillion ($32 billion) as the Nigerian government revenue from taxes, in 2012. The figure grew by N379.4 billion ($2.4 billion) from the revenue received in 2011. The government reformed the tax code in 2012, closing certain loopholes and worked better with states revenue service. Foreign Direct … Continue reading Nigeria: For 2012, $32 billion was Government Income, from Taxes
By david
