Banks will start deducting 7.5 percent value-added tax (VAT) on banking services, including point of sale (POS) transaction fees, mobile banking transfer fees, from January 19. In an email to custome...
Nigeria’s Federal Inland Revenue Service (FIRS) has developed a real-time portal to track all VAT-eligible electronic transactions and is mandating integration from banks, card schemes, fintechs, and ...
The Nigeria Economic Summit Group has warned that the Federal Government could face revenue shortfalls if it does not increase the value-added tax rate as part of the ongoing tax reform process. The C...
The House of Representatives, on Thursday, approved a new Value Added Tax sharing formula, allocating 55% to states and 35% to local government councils. This decision followed the adoption of a repor...
