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The presidential committee on fiscal policy and tax reforms says there is a need to increase the value-added tax (VAT) rate. 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. Oyedele added that the committee has…
Read More “FG Considers Fresh VAT Increase, New Sharing Formula” »
The public accounts committee of the House of Representatives on Thursday, March 28, accused the Central Bank of Nigeria (CBN) and commercial banks collecting revenue for the government of colluding to share the money made from Value Added Tax paid on Remita by customers. Chairman of the committee, Bamidele Salam (PDP, Osun) who made the…
Read More “Reps Public Accounts Committee Accuses CBN, Banks of Sharing VAT on Remita” »