LAGOS OCTOBER 25TH (NEWSRANGERS)-The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, has confirmed that the federal government would impose 15 percent Value Added Tax (VAT) on luxury goods, adding that total subsidy removal became effective last month. Fielding investors’ questions at a meeting on the sidelines of the on-going IMF/World bank…
LAGOS JUNE 29TH (NEWSRNAGERS)-President Bola Tinubu has signed an executive order to suspend import duties and value-added tax on essential medical supplies imported into the country. This is aimed at easing the high cost of locally producing pharmaceuticals, diagnostics, and medical devices such as needles and syringes, and biological among others. Muhammad Ali Pate, minister…
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 JULY 4TH (NEWSRANGERS)-The Nigerian Government through the Federal Inland Revenue Service, FIRS, announced the VAT Direct Initiative, a scheme that would enable FG to collect Value Added Taxes from the informal sector and reduce multiple taxations in the informal economy. The FIRS disclosed this in a statement on Monday afternoon, stating that it FIRS…
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 OCTOBER 28TH (NEWSRANGERS)-A Non Governmental Organization, NGO, ActionAid Nigeria, AAN, has called for the scrapping of the Senate or the House of Representatives to cut the cost of governance and save money for infrastructural development. The organization also recommended a slash of salaries of all lawmakers and political office holders to enable government save…
LAGOS OCTOBER 10TH (NEWSRANGERS)-General Overseer of The Redeemed Christian Church of God, (RCCG) Pastor Enoch Adeboye has kicked against the proposed increase of VAT from 5 percent to 7.5 percent by the federal government. The proposal, he said, will further increase the burdens on Nigerians. Adeboye also said the proposed reintroduction of toll gates on…
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…