The Budget Office of the Federation has begun preparations for the 2024 budget by training Ministries, Departments and Agencies (MDAs) of the government on the nitty-gritty of budget preparation. The training focused essentially on the Government Integrated Financial Management Information System Budget Preparation Sub-System (GIFMIS/BPS) for all MDAs.
CIT and VAT collections were N592.68 billion and N195.08 billion, indicating 127 percent and 101.8 percent of respective targets. Customs collections made up of import duties, excise, fees, and federation account special levies, recorded N306.18 billion vs. N474.80 billion budget, representing 64.5 percent.
Source: Zawya
Latest Posts in "Nigeria"
- Pass-Through Costs: Tax Implications of Reimbursable Expenses for VAT and WHT in Logistics
- Is Commercial Rent Subject to VAT Under Nigeria’s 2025 Tax Act?
- Why Exporters Must Still Pay VAT on Local Purchases in Nigeria: Common Misconceptions Explained
- Nigeria Centralises VAT Collection as Customs Exits, NRS Takes Over Amid Sweeping Tax Reforms
- Nigeria VAT Compliance: Navigating TaxPro Max for Digital and Non-Resident Suppliers
