30 results
- 24 Jan 2019
FG to Increase Value Added Tax- Ahmed
Mrs Zainab Ahmed, Minister of Finance, has said that the federal government will increase the Value Added Tax (VAT) on some items in the course of the year. Some of the items according to her,…
- 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…
- 8 Sept 2021
FIRS Proposes New Bill to Strip States of VAT Collection Powers
Federal Inland Revenue Service (FIRS) has approached the National Assembly to move Valued Added Tax (VAT) and other tax related matters to the exclusive list, which is aimed at granting the federal…
- 3 Aug 2022
Stanbic IBTC Partners Bento Africa to Offer Value Added Services
Stanbic IBTC Bank Plc, a subsidiary of Stanbic IBTC Holdings Plc, has announced a partnership with Bento Africa, to offer more value to Nigerian businesses of all sizes. Bento Africa is a payroll and…
- 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…
- 15 Feb 2026
No VAT on Land, Buildings and Rent Under New Tax Law — Oyedele
Taiwo Oyedele, chairman of the Presidential Fiscal Policy and Tax Reforms Committee, says land, buildings and rent are now fully exempted from Value Added Tax under the Nigeria Tax Act 2025. He…
- 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 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…
- 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…
- 7 Sept 2021
Wike Shuns FG, Instructs Rivers Revenue Service to Collect VAT
Nyesom Wike, Rivers State governor, has directed the Rivers State Revenue Service (RSRS) to commence the full enforcement and implementation of the State Valued Added Tax Law 2021. The governor who…
- 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,…
- 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…
- 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…
- 10 Jun 2022
FIRS Embarks on Nationwide Tax Compliance Campaign
The Federal Inland Revenue Service (FIRS) yesterday said it would embark on compliance exercise from July, 2022 on Value Added Tax (VAT) and Withholding Tax (WHT). The announcement is contained in a…
- 7 Feb 2022
Again, IMF Asks Nigeria to Hike VAT, Remove Fuel Subsidy
International Monetary Fund (IMF) has once more advised Nigeria's federal government to increase Value Added Tax (VAT), while also offering other fiscal measures that the country could adopt to…
- 22 Aug 2021
Taxpayers in Dilemma as Rivers and FIRS Fight over VAT
Taxpayers especially in Rivers State are currently in a logjam over who to remit their Value Added Tax (VAT) to between the state government and Federal Inland Revenue Service (FIRS). Following a…
- 5 Nov 2020
FG Rules Out Further VAT Increase for Now
Federal Government has refuted speculations it plans to increase the Value Added Tax (VAT) and other taxes in its proposed Finance Bill. Zainab Ahmed, minister of Finance, who spoke while defending…
- 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…
- 23 Apr 2025
FG Rakes in N1.2 Trillion from Banks’ VAS
Nigeria’s banking sector, in 2024, thrived in a stormy economic climate, capitalising on market volatility to deliver record profits. According to The Sun , nine of the country’s listed banking…
- 15 Jan 2024
FIRS Suspends Implementation of VAT Guidelines
The Federal Inland Revenue Service (FIRS) has announced the postponement of the implementation guidelines for the value-added tax simplified compliance regime on the supply of low-value goods through…
- 31 Jan 2022
FIRS Probes of Big Firms over Tax Returns
Federal Inland Revenue Service (FIRS) has launched a new assessment regime to determine the tax ranges companies before they file returns. The agency has been authorised to plug into big companies’…
- 4 Feb 2018
FG, Foreign Countries Share Data On Overseas Bank Accounts
The Federal Government of Nigeria and some foreign countries, including the United Kingdom Government, have commenced the Automatic Exchange of Tax Information (AETI), particularly on overseas assets…
- 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…
- 8 Mar 2023
NBS says FG Generates N697Bn from VAT in Q4 2022
The National Bureau of Statistics (NBS) has said the federal government generated N697.38 billion as Value Added Tax (VAT) in the fourth quarter of 2022. The Bureau disclosed this in its “Sectoral…
- 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…
- 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…
- 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…
- 22 Sept 2021
FG Says It will Continue to Collect VAT
Federal Government has that based on the ruling of court of appeal, the Federal Inland Revenue Service (FIRS) will continue to collect Value Added Tax (VAT). Abubakar Malami, attorney-general of the…
- 27 Jan 2020
FG Sets February 1 for Commencement of 7.5 Per cent VAT
Federal government will from Saturday (February 1) begin the implementation of 7.5 per cent Value Added Tax (VAT) espoused by the finance law. The law, according to the government, will take effect…
- 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…