LAGOS JUNE 5TH (NEWSRANGERS)-The Chairman of the Presidential Tax and Fiscal Policy Reforms Committee, Taiwo Oyedele, has said the proposed plan to increase the Value Added tax rate from 7.5 per cent to 10 per cent will be implemented in phases. This was as he revealed that empirical data had confirmed that less than 10…
LAGOS JULY 8TH (NEWSRANGERS)-THE Federal Inland Revenue Service (FIRS) says it is exempting dealers of foodstuffs from the Value Added Tax (VAT) Direct, its proposed tax for traders in the informal economy. The tax also excludes artisans from compliance. Many Nigerians have expressed disapproval with the proposed tax, but a senior FIRS official had provided…
LAGOS FEBRUARY 8TH (NEWSRANGERS)-The International Monetary Fund (IMF) has insisted on the removal of fuel subsidy by the Nigerian authorities. The position of the organization was contained in the Executive Board’s conclusion of the Article IV consultation with Nigeria report, which was released, yesterday. According to the Fund’s statement on the report, “Directors also urged…
LAGOS MAY 19TH (NEWSRANGERS)-The Federal Inland Revenue Service (FIRS) says it will soon begin the collection of Value Added Tax (VAT) on online transactions. The Chairman of the agency, Babatunde Fowler, made the disclosure in an interview with the News Agency of Nigeria (NAN) in New York on Saturday, May 18. Fowler said: “Soon, we…
LAGOS MARCH 29TH (NEWSRANGERS)-The national leader of the All Progressives Congress (APC), Bola Tinubu, has advised the Nigerian Government against the planned to increase the Value Added Tax (VAT). Addressing a gathering at the Bola Tinubu Colloquium on Thursday in Abuja, he warned that such decision was capable of worsening the nation’s economy. “Consumers’ spending…
LAGOS MARCH 20TH (NEWSRANGERS)-The Federal Government on Tuesday revealed its plan to increase the Value Added Tax (VAT) up to 50 percent. This is even as the upper chamber of the National Assembly approved N30, 000 as new minimum wage. The planned upward review of the Value Added Tax up to 50 percent was disclosed…