Nigeria is to raise value-added tax (VAT) from five per cent to 7.5 per cent in 2020, as Africa’s biggest oil producer seeks to shore up falling revenue, former Minister of Finance, Zainab Ahmed, has disclosed.
From 1 January 2020, the Federal Inland Revenue Service (FIRS) will introduce withholding value added tax at 5% on all e-commerce goods and service transactions.
Nigerian President Muhammadu Buhari delivered the 2020 Budget Speech at the joint session of the National Assembly on 8 October 2019.
With its realisation of the futility of heavy reliance on oil revenue, Nigeria is taking giant strides to refocus its revenue generation strategy by in focusing more on non-oil revenue to alternative sources. Read more:...
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