VAT Applies Only to Bank Charges, Not Customer Transfers, Nigeria Revenue Service Clarifies
Nigeria’s revenue authority has clarified that the 7.5 percent Value Added Tax applies only to charges collected by banks for ...
Tag: VAT
Nigerian Banks Announce 7.5% VAT on Bank Transfers, USSD Transactions
Several Nigerian banks, including Moniepoint, have begun informing customers that a 7.5 percent Value Added Tax will now apply to ...
Nigeria Introduces Stricter VAT Rules for Digital Services, Foreign Suppliers
Nigeria’s newly enacted Tax Act has introduced sweeping changes to the country’s value-added tax (VAT) regime, extending its reach to ...
Restocking Crisis: Small Businesses Hit by Tough Rules and Soaring Costs
Retailers and small business owners across Nigeria are raising fresh concerns about their inability to restock shelves in malls and ...
NESG Warns of Revenue Risks if VAT Rate Remains Unchanged
The Nigeria Economic Summit Group (NESG) has cautioned that the Federal Government could face revenue shortfalls if it does not ...
How We Move to Optimize Assets, Reduce Borrowings, by Edun
The federal government has outlined new strategies to optimize national assets, improve efficiency, and enhance financial sustainability as part of ...
South Africa to Increase VAT in Phases as Fiscal Struggles Persist
South Africa’s Finance Minister, Enoch Godongwana, has announced a phased increase in the value-added tax (VAT) rate, raising it from ...
House of Reps Passes Tax Reform Bills, Retains VAT at 7.5%
The Nigerian House of Representatives has approved President Bola Ahmed Tinubu’s tax reform bills after months of debate but rejected ...
NACCIMA Urges Tax Reforms, Calls for Reduction of Corporate Tax to 19% and VAT Pegged at 7.5%
The National Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA) has urged President Bola Tinubu’s administration to implement ...
Over 90% of Nigerian Workers to Pay Lower Taxes Under Proposed Tax Reforms- Oyedele
Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has assured Nigerians that over 90% of ...
