VAT

Remove VAT On Diesel To Halt Price Hike, MAN Appeals To FG

Remove VAT On Diesel To Halt Price Hike, MAN Appeals To FG

July 11, 2022 3:05 am

As the cost of production in the country continues to skyrocket, the Manufacturers Association of Nigeria (MAN) has called on the federal government to remove the value-added tax (VAT) on diesel as an instant stimulus for an immediate price reduction. 

This appeal was made by Segun Ajayi-Kadir who is the director-general of MAN, in a statement yesterday.

The association also urged the federal government to avert the total shutdown of production operations, adding that industries were being converted to warehouses of imported goods and event centres. 

‘MAN is greatly concerned about the implications of the over 200 per cent …

FG Loses Out, NASS Affirms States’ Power To Collect VAT

FG Loses Out, NASS Affirms States’ Power To Collect VAT

March 2, 2022 4:49 am

The Federal Government’s plan to retain the collection of Value Added Tax (VAT) despite a Federal High Court ruling, on Tuesday faced a major hit as the National Assembly rejected a proposal seeking to shift the collection of VAT from the concurrent to the exclusive legislative list, effectively leaving the decision to the Supreme Court which is currently hearing the matter.

Africa Daily News, New York recalls that last year, a Federal High Court had ruled that states had the powers to collect VAT, a ruling which the Federal Government vehemently opposed and have continued to collect VAT while it …

Saudi Arabia Increases VAT To 15 Percent From Today

Saudi Arabia Increases VAT To 15 Percent From Today

July 1, 2020 8:03 am

A new Value Added Tax (VAT) regime of 15 percent comes into effect in Saudi Arabia from today.

The rate was 5 percent before today’s increase.

The Kingdom’s decision to triple VAT was announced on May 11, as part of a new set of measures to mitigate the impact of the coronavirus pandemic on the economy.

Saudi Arabia’s General Authority of Zakat and Tax (GAZT) explained that the new rate will be applicable to food and beverages, domestic transportation and commercial sale and rent of real estate.

Read Also: Saudi Arabia, UAE Mosques To Stay Closed For Eid Prayer

Other …

Vice-President Yemi Osinbajo

Osibanjo: Nigeria’s VAT Rate Lowest In Africa

February 10, 2020 2:54 pm

Vice-President Yemi Osinbajo has said that Nigeria’s current Value Added Tax (VAT) rate is the lowest in Africa.

The vice-president stated this in Lafia, the Nasarawa State capital, Monday at the National Micro, Small and Medium Enterprises Clinics for Viable Enterprises.

According to Osinbajo, “Many people have said this is a higher tax rate for consumers and has complications on those who are trading as well. You must remember that this is the lowest VAT rate in the whole of Africa.

“Why it is true is that Ghana has reduced its VAT rate from 15 per cent to 12.5 per …

vat

Calls, Data Costs Rise As VAT Implementation Begins

February 2, 2020 8:31 am

As implementation of the 7.5 per cent VAT, which was increased from 5 per cent, becomes effective yesterday, February 1, 2020, telecoms subscribers have started paying for data and calls accordingly.

This was confirmed by The Association of Licensed Telecommunications Operators of Nigeria (ALTON), which issued a statement to notify the subscribers across all the networks of implementation of the VAT increase effective February 1. The statement was signed by its Chairman, Mr. Gbenga Adebayo and Head of Operations, Gbolahan Awonuga.

According to ALTON, purchases of telecommunication products and services will be affected by the implementation of the VAT increase.…

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