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Tag: Tax

FG urges govs to justify use of subsidy removal savings
featured

Presidential committee to cut taxes, levies by 83%

The chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Mr. Taiwo Oyedele, stated that the goal of his committee was to bring down taxes and levies to less than 10, which would represent an 83.33 percent reduction. According to Channels Television, he stated on Monday that Nigeria has around 60 different types […]

FG urges govs to justify use of subsidy removal savings
Business

Consumer, company taxes rise 96% to N2.3tn – Report

Tax income from businesses and consumers increased by 96.11 percent to N2.31 trillion in the second quarter of 2023, representing a significant increase from the first quarter to the second quarter of the year. According to the National Bureau of Statistics, businesses and consumers collectively paid N1.18 trillion in taxes in Q1 2023. The large […]

Health ministry to raise sugar tax to 20%
featured

Health ministry to raise sugar tax to 20%

    The Federal Ministry of Health has demonstrated its dedication to augmenting the tax on Sugar-Sweetened Beverages, proposing an increase from the existing rate of 10 per cent to 20 per cent. The purpose of this initiative is to address the escalating public health issues linked to the excessive intake of sugar. According to […]

No customs duty, VAT on CNG conversion kits imports- Presidency
News

No customs duty, VAT on CNG conversion kits imports- Presidency

The importation of compressed natural gas conversion kits into the country is exempt from both customs duties and value-added taxes. This was expressed by the president’s special adviser on media and publicity, Ajuri Ngelale, in an interview that was broadcast on Channels Television on Friday night. He claimed that this is being done to increase the country’s […]

FG urges govs to justify use of subsidy removal savings
Economy

Tinubu’s tax committee chair demands diesel VAT suspension

The chairman of the presidential committee on tax policy and fiscal reforms, Taiwo Oyedele, has stated that the value-added tax on automotive petrol oil, popularly known as diesel, should be suspended. According to Channels Television, Oyedele stated that President Bola Tinubu’s directive to suspend the VAT will mitigate the negative economic effects of the elimination of gasoline subsidies. “What […]

FG considers reduction of taxes - Tinubu's aide
Economy

FG considers reduction of taxes – Tinubu’s aide

FG working on reducing taxes from 52 to 10— Presidential aide         The Special Assistant to President Bola Tinubu on revenue, Zacch Adedeji, has disclosed that the Federal Government is currently engaged in efforts to decrease the total number of taxes levied in the nation to 10. According to The PUNCH, Adedeji […]

How traders, mechanics paid N167bn tax - FG
Business

How traders, mechanics paid N167bn tax – FG

Nigerians who worked in the wholesale, retail, and repair of cars, motorbikes, and other vehicles between the first quarters of 2022 and 2023 paid a total of N167.45 billion in taxes. According to The Punch, Value Added Tax and Company Income Tax combined to raise the entire tax. The Federal Inland Revenue Service reveals that VAT […]

Why tax credit schemes are not sustainable - MPC member
Business

Why tax credit schemes are not sustainable – MPC member

Nigeria’s tax credit system according to a member of the Monetary Policy Committee, Mike Obadan, is unsustainable. He urged the government to reconsider how it funds capital projects in a remark he delivered at the most recent Monetary Policy Committee meeting and which the Central Bank of Nigeria made public. Importantly, he added, “The government needs to […]

Nigeria has best return on investments, Tinubu tells Indian investors
featured

Tinubu suspends 5% telecom tax

President Bola Tinubu has signed four executive orders, including the suspension of the 5% excise tax on communications services and the rise of excise duty on domestically manufactured goods. The president’s special assistant on special tasks, communications, and strategy, Dele Alake, revealed, this to state house correspondents on Thursday. The telecom tax was part of the new […]

Why Tinubu should ban dollar cash transactions - Operator
Business

FG to recover N553bn unremitted petroleum shipping tax

The Nigerian government disclosed its plans to recover N553 billion of unpaid taxes from foreign oil shipping companies doing business in the country. The Federal Inland Revenue Service’s Director of International Tax, Mr. Abdullahi Aliyu, said this on Wednesday at a summit with the topic “Sensitising the Nigerian Maritime Industry on the New Tax Policy and […]

FG set to collect VAT from market women, others
Business

FG set to collect VAT from market women, others

Kazeem Owoseni The Federal Government has disclosed its plan to collect Value Added Taxes from the informal sectors through VAT Direct Initiative. Disclosing this in a statement issued on Monday, July 3, 2023, the FIRS announced its collaboration with the Market Traders Association of Nigeria, to collect and remit VAT from their members, especially those […]

FG urges govs to justify use of subsidy removal savings
Policy and Regulations

Why car proof of ownership renewal shouldn’t be implemented – Tax expert

The recently proposed annual renewal of evidence of ownership for cars should not be put into effect, according to the Fiscal Policy Partner and Africa Tax Leader at PwC, Mr. Taiwo Oyedele. Oyedele responded to the policy via a tweet, calling the renewal’s introduction retrograde, stupid, and badly thought out because it would establish a poor […]

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