Posts Tagged ‘VAT’

CBN: Nigeria earned N1.17tn from VAT in 2019

Between January and December 2019, the Federal Government generated the sum of N1.17tn from Value Added Tax. When compared to the target of N1.7tn set by the Federal Government in the 2019 budget, the amount represents a shortfall of about N530bn. A breakdown of the N1.17tn VAT revenue, as contained in the Central Bank of […]

Telcos hike calls, data charges as Regime begins 7.5% VAT

Telecoms subscribers have started paying more for calls and data services as the Regime, commenced the implementation of the 7.5 per cent VAT February 01, 2020. The new VAT was increased from five per cent. Chairman and Head of Operations, respectively of the umbrella body of telecommunication operators, Association of Licensed Telecommunications Operators of Nigeria, […]

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

    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 […]

‘FG is operating economic Yahoo yahoo’ – Nigerians react as Government increases VAT from 5% to 7.2%

The Federal Executive Council which President Buhari presided over on Wednesday September 11, approved the increment of value added tax (VAT) rate from 5 percent to 7.2% percent.  The Minister of finance, budget and national planning, Mrs Zainab Ahmed confirmed the increment at the end of the cabinet meeting. The new rate which will take effect from 2020 is however subject […]

FG to charge Nigerians 5% on every online transaction from next year

Nigeria is planning to deduct 5% VAT for every online transaction via bank cards from next year. The burgeoning digital economy includes e-commerce where Jumia and Konga are playing. We also have the tech space with Flutterwave, Cowrywise, Piggybank, and others. Tunde Fowler, Chairman of Federal Inland Revenue Service (FIRS), confirmed this in an exclusive […]

VAT INCREMENT | Buhari’s Govt. is Wicked, Disjointed – Ayo Fayose

Ekiti State Governor, Ayodele Fayose has described the Federal Government’s decision to drop its plan to increase Value Added Tax (VAT) as another vindication of his stance that President Mu­hammadu Buhari’s govern­ment was not coordinated. According to Fayose, “It is now evident that for Ni­geria to be saved from this Buhari’s government policy contradictions, more […]