There are no products in your shopping cart.
0 Items | £0.00 |
Ayo Akinfe
[1] As from October 1 2021 all value added tax (VAT) will be collected by state finance commissioners
[2] As from October 1 2021, the Federal Inland Revenue Service will no longer have anything to do with VAT
[3] Everyone of Nigeria's 36 states and the Federal Capital Territory will establish a State Inland Revenue Service for the purpose of collecting VAT
[4] VAT proceeds shall be added to state revenues and spent as part of budgets as deemed necessary by finance commissioners
[5] The federal government's involvement with VAT shall be to establish the rate, which shall be uniform across the federation
[6] It shall also be up to the federal finance minister in Abuja to determine the range of goods which shall be subject to VAT
[7] Local governments, like the federal government are not allowed to collect VAT. Is shall remain strictly a state tax
[8] There shall be a 10 year jail term penalty for any official who breaches these VAT rules
[9] Basic essentials such as education, food, clothing, housing, healthcare, etc shall be exempt from VAT
[10] All state houses of assembly are compelled to pass by-laws amending VAT collection as a result of this act