FG suspends VAT from airfares, aviation services
After more than three years of credible agitation by industry stakeholders, the Federal Government has again suspended the deduction of 7.5 per cent Value Added Tax (VAT) on airfares and other air transport services. The latest suspension order, scheduled to…
Investors’ attracted by effectiveness of revenue-to-debt service ratio—StanChart
Chief Economist, Africa and Middle East for Standard Chartered Bank Group, Razia Khan has given insights on what draws credible foreign investors to any economy. She said the key concerns of many investors remains the apparent disproportionate relationship between Nigeria’s…
VAT on electricity contradicts FG’s claim on no effect on poor Nigerians
The trending claims of the Federal Government that the rise in Value Added Tax (VAT) from hitherto 5% to 7.5% would not affect the life of poor Nigerians may have been punctured with the fact that electricity tariff is paid…
Finance Bill: ‘When you raise tax rate, compliance will go down’—PwC
Leading tax expert and partner on taxation with PricewaterhouseCoopers (PwC), Mr Taiwo Oyedele has raised an issue of urgent national importance, saying “All things being equal, anywhere around the world, when you raise tax rate, compliance will go down because…
True federalism, restructuring beckon as low revenue forces FG to tax riot
A trend that will force the Federal Government to listen to the yearnings of Nigerian leaders’ of thought in true federalism and restructuring is underway. This was the submission of leading development economists and finance experts who barred their minds…
Another look at planned VAT increase in Nigeria: pluses, minuses
The federal government has proposed an increase in Value Added Tax (VAT), from the current 5% to 7.2%. The increment is linked to the implementation of Nigeria’s new minimum wage which has informed the need for an increase in revenue,…
Analysts raise issue that must be resolved ahead of new VAT regime in 2020
Whereas after long speculation surrounding the Value Added Tax (VAT) hike, the Federal Executive Council (FEC) last week approved a 220bps increase in VAT from 5.0% to 7.2%, development economists have started asking questions on the sanity in allowing states…
Too much money from agro export in the 70s, oil boom killed tax regime—Fowler
…Gives reasons why VAT may be hiked sooner in Nigeria The Executive Chairman, Federal Inland Revenue Service (FIRS), Mr. Babatunde Fowler, has given deeper insights on why tax payment compliance in Nigeria is sounding strange to many Nigerians. Besides, he…
Nigerian air travellers’ demand equivalent drop in fares as VAT remittances end
Considering the retaining of ticket rates upon official end to 5% Value Added Tax (VAT), several Nigerian air travellers are beginning to ask questions on why airlines are yet to effect drop in their air fares. A number of domestic…
Local airlines begin suspension of VAT remittances today over unfair tax regime
To press home their grievances over what they observed as existing discriminatory tax regimes between foreign and local airlines operating in the country, members of the Airline Operators of Nigeria (AON), will today stop further remittances for Value Added Tax…
