Tag: VAT
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FAAC Revenue Hits N6.28 Trillion In Q2 2024, Offsetting Low Oil Earnings With VAT And Import Levies
In the second quarter of 2024, the Federation Account earnings (FAAC) generated N6.28 trillion in income, primarily due to substantial collections from excise taxes,...
Northern Governors Disapprove of the New Tax Bill’s Proposed Derivation Model for VAT Distribution
The derivation-based model for the distribution of Value-Added Tax (VAT) in the new tax bill that the National Assembly is considering has been rejected...
FG Suspends VAT On Diesel, Cooking Gas
The Federal Government has announced the provision of new tax reliefs for deep offshore oil and gas production to enhance investments in the sector.
The...
Nigeria Imposes 7.5% VAT on $57 Billion Crypto Market Revenues
Nigeria intends to introduce a 7.5 percent value-added tax (VAT) on cryptocurrency transactions to capitalize on the country's $56.7 billion cryptocurrency sector.
The cryptocurrency network...
Telecom customers’ VAT revenue doubles to N412 billion
Value Added Tax (VAT) paid by Nigerians who use telecommunications and other information and communications services was N412.31 billion in the previous year.
According to...
