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tax

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NEWS

Govs propose new VAT sharing formula, okay tax bills

The Nigeria Governors’ Forum has reiterated its strong support for the comprehensive reform of Nigeria’s outdated tax laws and approved a revised Value Added Tax distribution formula, with 50% allocated based on equality. In a communique issued by its Chairman, Kwara State Governor, AbdulRahman AbdulRazaq, the NGF expressed its support for modernizing the country’s tax system. The statement, shared with journalists in Abuja after the subnational consultation and engagement with […]

todayJanuary 17, 2025 4

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NEWS

Nigeria gets W’Bank $1.5bn for subsidy removal, tax bills

he World Bank has fully disbursed a $1.5bn loan to Nigeria following the Federal Government’s implementation of key reforms, including removing fuel subsidies and introducing comprehensive tax policies, The PUNCH reports. The loan, part of the Reforms for Economic Stabilisation to Enable Transformation Development Policy Financing initiative, is among the fastest disbursements Nigeria has received with both tranches released in less than six months. According to a World Bank document , the […]

todayDecember 30, 2024 10

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NEWS

Stakeholders push for property tax to address housing deficit

Stakeholders in the housing sector have called for reforms like property tax to address the growing issue of unoccupied houses, and tax relief to encourage developers to build more houses. News Agency of Nigeria reported on Monday that the stakeholders made their position known at the 6th Edition of the African Housing Awards organised by the Housing Development Advocacy Network in Abuja. They said that the reforms would aid in […]

todayDecember 16, 2024 14

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NEWS

Tax reform: Akume plays down northern opposition as Senate meets AGF

The Secretary to the Government of the Federation, Senator George Akume, has dismissed claims that the northerners were against the proposed Tax Reform Bills. He said he had consulted senior citizens, leaders and religious leaders from the region who expressed their supports for the bills. The bills, including the Joint Revenue Board of Nigeria (Establishment) Bill, 2024, the Nigeria Revenue Service (Establishment) Bill, 2024, and the Nigeria Tax Bill, 2024, […]

todayDecember 9, 2024 7

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BUSINESS

Telcos paid over N2tn tax in 2023 – Report

Telecommunication companies paid N2.4tn tax to the Nigerian government in 2023, despite struggling to attract investments, a digital economy report from the Groupe Special Mobile Association According to the report, the sector generated about N33tn, representing 13.5 per cent of the country’s gross domestic product. It highlighted the importance of the telecommunications sector to Nigeria’s economy, with the potential for even greater growth and development in the next 3–5 years. “The […]

todayMay 20, 2024 16

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