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Tag: VAT

News

Nigeria’s VAT revenue rises to N6.72tn, up 84.62%

The Federal Inland Revenue Service has reported a notable increase in Nigeria’s Value Added Tax collections, which surged to N6.72 trillion in 2024, marking an 84.62% year-on-year rise from the N3.64 trillion recorded in the previous year. This update was shared during the 2025 FIRS Management Retreat, where the agency assessed its revenue performance. The […]

Economy

Nigeria earned N2.33tn from VAT, CIT in Q4 2023 – NBS

Nigeria’s economy witnessed a significant influx of revenue from Value Added Tax and Company Income Tax in the fourth quarter of 2023, according to the latest figures released by the National Bureau of Statistics. In the final quarter of the year, the combined VAT and CIT collections amounted to approximately N2.33 trillion, according to nairametrics. […]

Only four Nigeria states attract foreign investment in Q4 - Report
Business

Nigeria’s VAT collection rises 21.34% to N948.07bn in Q3 – Report

Value Added Tax revenue in Nigeria climbed by 21.34% in Q3 2023, from N781.35 billion in the second quarter to N948.07 billion. This is based on the National Bureau of Statistics’ third-quarter Value Added Tax report. In Q3 2023, N522.08 billion was collected in local payments, N204.58 billion in foreign VAT payments, and N221.41 billion from import […]

FIRS begins VAT, WHT compliance monitoring exercise Oct
Business

FIRS begins VAT, WHT compliance monitoring exercise Oct

The Federal Inland Revenue Service has declared that it will begin a countrywide Value-Added Tax and Withholding Tax compliance monitoring exercise for all taxable individuals on October 23. According to Nairametrics, the head of the FIRS, Zacch Adedeji, said the goal of this program, is to increase tax compliance and revenue collection across the country. VAT is a […]

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 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 […]

Only four Nigeria states attract foreign investment in Q4 - Report
News

Nigeria’s corporate income tax drops to N753.88 in Q4 2022

The National Bureau of Statistic has revealed that the total company income tax recorded by Nigeria dropped by -6.95% from N810.19 billion in Q3 2022 to N753.88 billion in Q4 2022. According to Nairametrics, this was disclosed by the NBS on Wednesday through it’s Company Income Tax, Q4 report. It also stated that the local […]