Posts Tagged ‘VAT increase’

Senate raises VAT to 7.5 %

by Ikokwu Ikembaon November 21, 2019
The Senate on Thursday passed the Finance Bill which seeks to amend seven Acts of the National Assembly relating to taxes payable in the country. The bill specifically seeks an increment of the value-added tax from five per cent to 7.5 per cent. It also seeks an increment in the Companies Income tax, Customs and […]

Nigeria’s New VAT Increase. (How Does This Affect Me?)

by Breaking Timeson September 17, 2019
    In a situation whereby the government wants to control the flow of money in the economy; when there is a need to increase or reduce the money supply, there are specific policies it can use to achieve this purpose. These policies are known as Fiscal Policies.     Fiscal policies refer to the use of […]

Senate takes action on proposed VAT increment

by Ikokwu Ikembaon September 12, 2019
The Senate Committee on Finance says it will invite the Minister of Finance and the Chairman, Federal Inland Revenue Service, (FIRS) to give details on reasons for the proposed increase in Value Added Tax (VAT). The Chairman of the Committee, Sen. Solomon Adeola, made the disclosure in a statement issued by his Media Adviser, Mr […]

Nigeria’s employers’ union raises alarm over VAT hike

by Ikokwu Ikembaon March 22, 2019
Nigeria’s employers union has warned the Federal Government not to go ahead with a proposal to increase the Value-Added Tax (VAT) charged in the country. On March 19, the government announced that a new VAT regime might be put in place after the nation’s upper legislative chamber approved a long-awaited new minimum wage of N30, […]