Tag
7.5% VAT
We explain a new FIRS public notice that now gives banks, MTN and Airtel the power to deduct VAT from the invoices of their vendors
Unfavourable policies like the purported Value Added Tax hike, Multiple taxes and lack of cheap credit are clogs in SMEs wheels.
Government generated N42.83 billion from exchange rate gains, and others from crude sales and VAT.
The Federal Inland Revenue Service (FIRS) has said that the implementation of the Finance Act would lead to richer Nigerians paying more taxes in the country.
Some Nigerians have just realised that they now have to pay 7.5% VAT every time they make phone calls or send an SMS. They don't like this very much.
There are reasons why it may be wrong to compare VAT in Nigeria with that of other countries. Our VAT is not a proper VAT.