On the Chamber’s VAT recommendation, she said the chamber is seeking a review of the sharing formula to be weighted in favour of derivation to drive innovation on revenue generation in all the ...

The Chartered Institute of Taxation of Nigeria (CITN) has advised the Federal Government on the need to effect a review of the existing sharing formula of the Value Added Tax (VAT) in the current ...

Revised VAT sharing formula Section 77 of the report introduces a new VAT distribution structure. For states, 50% of the revenue is to be distributed equally, 20% based on population, and 30% ...

Abeokuta — Ogun State Governor Ibikunle Amosun yesterday said the current Value Added Tax (VAT) sharing formula was obsolete and needed review. Amosun spoke at the opening ceremony of the 135th ...

“However, against their agreed VAT sharing formula: 50% based on equality, 30% based on derivation, and 20% based on population, for us, the sharing formula should be 50% based on ...

The Centre and states are pushing for introduction of a VAT regime from April 2005. The formula will be discussed at the meeting of state finance ministers on November 2, when a final decision is ...

Speaking at the policy exposure and impact assessment session organised by the committee, the committee chairman, Taiwo Oyedele, also disclosed that the VAT revenue-sharing formula would be reviewed.

Lagos State is set to be the biggest loser of the new value-added tax (VAT) revenue-sharing formula for Nigeria’s sub-nationals, proposed by a presidential tax advisory body. The revelation ...

• 23 manufacturers were owed Sh3.59 billion by August 2018. • This comprised Sh2.68 billion in withholding VAT dues and Sh908.6 million in VAT export refund claims.

Local governments will receive 35% of VAT revenue under a similar formula. Additionally, the timeline for issuing Taxpayer Identification Numbers has been extended from two to five working days to ...