FG to see higher VAT and CIT revenues in 2021, say experts

FIRS launches TaxPro-Max

FG to see higher VAT and CIT revenues in 2021, say experts   Financial experts at Cordros Capital Limited has said the federal government is well positioned to generate more revenue via value added tax (VAT) and company income tax (CIT) going forward. They said this is guaranteed by the VAT rate hike’s impact amidst the tepid economic recovery and improved level of business activities in 2021 compared to the Coronavirus-ravaged 2020. Regarding VAT, the National Bureau of Statistics (NBS) has just reported a year-on-year 52.9 per cent increase in…

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Breweries, professional services top chart as FG generates N393bn as CIT in Q1 2021

Breweries, professional services top chart as FG generates N393bn as CIT in Q1 2021

Breweries, professional services top chart as FG generates N393bn as CIT in Q1 2021     Revenue generated by the Federal Government of Nigeria as company income tax (CIT) in the first quarter of 2021 stood at N392.77 billion. This is according to the National Bureau of Statistics (NBS) in its recently released quarterly report on company income tax by sectors The report reflect that the sum rose by 32.82 per cent quarter-on-quarter above N295.72 billion generated in Q4 2020 and stood 32.84 per cent higher year-on-year than N295.68 billion generated in…

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Nigerians pay N427.71bn VAT to govt in Q4 2020

Value Added Tax

Nigerians pay N427.71bn VAT to govt in Q4 2020   The Aggregate Value Added Tax (VAT) paid by Nigerians to the government in the fourth quarter of 2020 (Q4 2020) stood at N454.69 billion, N29.98 billion higher than N424.71 billion recorded in the previous quarter, Q3 2020. This is disclosed by the National Bureau of Statistics (NBS) in its “Sectoral Distribution of Value Added Tax (Q4 2020)” obtained from its website on Wednesday. The bureau said the figure represented 7.06 per cent increase Quarter-on-Quarter and 47.39 per cent increase Year-on-Year…

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