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It is like the pidgin saying: “monkey dey work, baboon dey chop” when one considers the amount of Value Added Tax (VAT) each State in Nigeria generated in Q1, 2025 and how much each State got back when the total VAT was shared among the States. See the VAT contribution and distribution per State below: More […]
Continue ReadingThe controversy surrounding the proposed adjustment to the formula for sharing the states’ portion of the Value Added Tax (VAT), especially the derivation component, in the tax reform bills submitted to the National Assembly by President Bola Tinubu is yet to abate. What I find interesting is that many readers are asking for my take […]
Continue ReadingNigerian Government has suspended its proposed excise duty on telecommunication services. The Minister of Communications and Digital Economy in Nigeria, Isa Pantami announced this on Monday during the inaugural meeting of the Presidential Committee on Excise Duty for the Digital Economy Sector in Abuja. Pantami said that the telecommunications sector is already overwhelmed by excessive […]
Continue ReadingThe National Assembly last Tuesday received a presidential request for yet fresh foreign loans. This time, it is $4billion and €710million (N2trillion) to finance ‘critical projects’ in the 2021 budget. Our lawmakers will approve the loan request without asking any question. It is not the first loan request this year and it won’t be the […]
Continue ReadingThe Value Added Tax is a consumption tax levied on the supply of goods and services and is charged at 7.5 per cent of the tax base. The Value Added Tax Act (2007) empowers the Federal Inland Revenue Service as its administrative body. The Rivers State Governor, Nyesom Wike’s recent assent to the Rivers State […]
Continue ReadingNigeria’s Court of Appeal, Abuja Division, Nigeria, has ordered the government of Rivers and Lagos states to refrain from any action giving effect to the August 9, 2021 judgment of the Federal High court sitting in Rivers State, which conferred powers on Rivers State to collect Value Added Tax (VAT) and Personal Income Tax. Delivering […]
Continue ReadingLagos State House of Assembly has on Thursday passed the Value Added Tax (VAT) Bill, with Speaker Mudashiru Obasa directing the Acting Clerk of the House, Mr. Olalekan Onafeko, to transmit a clean copy to Governor Babajide Sanwo-Olu for his assent. In the same vein, the House passed the bill that prohibits open cattle grazing […]
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