30 results
- 19 Oct 2021
FG Plans Aggressive VAT, Other Tax Regime
Amidst on-going controversy over its rights to collection of Value Added Tax, VAT, across the country, the Federal Government is set to implement an aggressive VAT revenue drive which it expects to…
- 28 Jul 2020
FIRS Pockets N651Bn from VAT in 2020-NBS
National Bureau of Statistics (NBS) has said that sectoral distribution of Value Added Tax (VAT) data for 2020 reflected that the sum of N651.77 billion was generated as VAT in 2020 as against…
- 25 Mar 2022
NBS says FG Generated N2.07trn from VAT in 2021
The National Bureau of Statistics (NBS) said the federal government generated N2.07 trillion as Value Added Tax (VAT) last year. This represents a 33 percent year-on-year (YoY) increase in VAT when…
- 22 Feb 2019
FG Generates N298bn from VAT in Q4, 2018
The National Bureau of Statistics (NBS), said Nigeria generated N298.01 billion from Value Added Tax (VAT) in fourth quarter, 2018. NBS said this in a Sectoral Distribution of VAT report for the…
- 9 Sept 2021
Lagos Assembly Passes VAT Bill, Charges 6 Per Cent
Lagos State House of Assembly on Thursday passed the Value Added Tax (VAT) Bill, amid the recent hostility between the states and the federal government over the collection of VAT. The Assembly, led…
- 26 Dec 2017
How Will VAT Impact the GCC Mobile Phone Market?
With VAT of 5% becoming effective across the UAE and Saudi Arabia on January 1st, and the rest of the GCC following suit later in 2018, questions are being asked about what this means for the…
- 30 Aug 2021
Falana Says Judgement on VAT Will Strengthen Campaign for Restructuring
Mr. Femi Falana, human rights lawyer, has, said the judgement of the Federal High Court in Port Harcourt, which ruled against the administration and collection of Value Added Tax (VAT) by the Federal…
- 26 Aug 2019
FIRS Sets 2020 for Commencement of Online Transaction VAT
The Federal Inland Revenue Service (FIRS) says it will begin to impose Value Added Tax (VAT) on online transactions, both domestic and international, from January 2020. The chairman of FIRS, Tunde…
- 9 May 2024
Presidential Committee Recommends another Hike in VAT
Presidential Committee on Fiscal Policy and Tax Reforms has recommended an upward review of the Value Added Tax (VAT) from the present 7.5 per cent. Taiwo Oyedele, chairman of the committee, also…
- 26 Aug 2019
FIRS Imposes VAT on Online Transactions Jan 1
Babatunde Fowler, chairman, Federal Inland Revenue Service (FIRS) has said that Nigerian banks would start charging Value Added Tax (VAT) on local and foreign online transactions from January 2020.…
- 9 Dec 2021
Nigerians to Pay 7.5% VAT on Facebook Ads from January 1
Facebook has announced that Nigerians will pay 7.5 percent value-added tax (VAT) on all ad placements from January 1, 2022. The charge will also apply to those buying ads for businesses or personal…
- 10 Oct 2019
Court Stops FIRS from Enforcing VAT on Goods Consumed in Hotels
Justice Rilwanu Aikawa of the Federal High Court in Lagos has barred the Federal Inland Revenue Services (FIRS), from enforcing VAT provisions on goods and services consumed in hotels, restaurants…
- 10 Dec 2021
FG Slams 7.5 Per Cent VAT on Facebook Adverts from January 1, 2022
Facebook, social media giant, has said Nigerians will from January 1, 2022 pay 7.5 percent value-added tax (VAT) on all ad placements. The company which announced this in a statement, said the charge…
- 14 Jan 2026
Angst as FG Demands 7.5 Percent VAT on Mobile Bank Transfers, USSD
Nigerians will begin paying a 7.5 percent Value Added Tax (VAT) on selected banking services, including mobile bank transfers and USSD transactions, from January 19, 2026, following a new regulatory…
- 17 Dec 2024
MTN is Largest Contributor to VAT Pool, Pays N200Bn Monthly—PFPTRC
Taiwo Oyedele, chairman, Presidential Fiscal Policy and Tax Reforms Committee (PFPTRC) has disclosed that MTN Nigeria contributes over N200 billion in Value Added Tax (VAT) monthly, making it the…
- 13 Oct 2019
VAT Hike Will Worsen Unemployment, Poverty- ABCON
Association of Bureaux De Change Operators (ABCON) has warned against the proposed increase in Value Added Tax (VAT) to 7.2 per cent from five per cent. The group insisted that the increase…
- 11 Sept 2019
FEC Raises VAT to 7%, Seeks NASS Rubber Stamp
Federal Executive Council (FEC), presided over by President Muhammadu Buhari has approved a two per cent increase in Value Added Tax (VAT) to move it from five to seven percent. Zainab Ahmed,…
- 13 Jan 2020
Buhari Inks 7.5% VAT into Law
With Monday’s signing into law of the Finance Bill, President Muhammadu Buhari has triggered the operationalisation of the 7.5% Value Added Tax (VAT) as proposed. The Value Added Tax is proposed to…
- 27 Oct 2016
Mastercard, dnata Launch VAT Reclaim Service for SMEs
Mastercard, a leading technology company in the global payments industry, and dnata, one of the world’s largest air services providers, have teamed up to launch a VAT Reclaim Service for Mastercard…
- 11 Aug 2025
NBS Reports ₦6.72 Trillion VAT Haul as Tax Reforms Pay Off
Nigeria’s Value Added Tax (VAT) revenue surged to ₦6.72 trillion in 2024, marking an 84.6% increase from ₦3.64 trillion in 2023, according to the National Bureau of Statistics (NBS). This sharp rise…
- 4 Jan 2019
NBS Says Nigeria Obtains N808Bn from VAT In 9 Months
The National Bureau of Statistics (NBS), has in its latest data on Value added tax in Nigeria revealed the revenue generated from it in first to third quarters of 2018 was N808 billion. The VAT is a…
- 2 Feb 2020
Telcos Hike Tariffs for Calls, Data as FG Begins 7.5% VAT
Telecoms subscribers have started paying more for calls and data services as the federal government begun February 1, the implementation of the 7.5 per cent VAT, which was increased from 5 per cent.…
- 4 Jul 2024
Nigeria introduces 7.5% VAT on crypto transactions
KuCoin, a leading cryptocurrency exchange, has announced it will begin collecting a 7.5 percent value-added tax (VAT) on transaction fees for its users in Nigeria. The decision follows a recent…
- 9 Sept 2024
VAT Not Raised To 10 Percent Says Edun, Finance Minister
Wale Edun, minister of Finance and Coordinating Minister of the Economy has debunked reports making the rounds that the rate for Value-Added Tax (VAT) has been increased from 7.5% to 10%. Wale Edun…
- 10 Dec 2024
Nigeria's VAT Revenue Hits N1.78 Trillion in Q3 2024, NBS Reports
National Bureau of Statistics (NBS) has announced that Nigeria generated N1.78 trillion in value-added tax (VAT) revenue during the third quarter (Q3) of 2024, representing a 14.16 percent increase…
- 22 Jul 2021
FG May Raise VAT to 15 Percent before 2025- Report
A report by the Economist Intelligence Unit (EIU), London, has predicted that the federal government might effect a 100 per cent rate increase in the Value Added Tax (VAT) from the current rate of…
- 8 Apr 2019
FG Mulls VAT Charge on Lottery, Betting
Federal government on Monday said plans are afoot to charge Value Added Tax (VAT) on lottery and gaming activities and automate collection from operators. The federal government disclosed this…
- 13 Sept 2024
FG VAT Collection Up 9.11% to N1.56tn
The federal government’s aggregate receipt of the Value Added Tax (VAT) in Q2 2024, stood at N1.56 trillion, indicating a growth rate of 9.11 per cent on a quarter-on-quarter (QoQ) basis from N1.43…
- 9 May 2021
VAT Earnings Rise to N496.39Bn in Q1- NBS
Value Added Tax (VAT) data for the first quarter of 2021 rose to N496.39bn as of the end of first quarter of 2021, ended March 31. This is according to a report by the National Bureau of Statistics…
- 9 Aug 2021
Court Stops FIRS from Collecting VAT, Income Tax in Rivers
Federal High Court in Port Harcourt has stopped the Federal Inland Revenue Services (FIRS) from collecting Value Added Tax (VAT) and Personal Income Tax (PIT) in Rivers State. The court held that it…