FG PLANS TO GENERATE 6TRILLION FROM PETROLEUM TAX, VAT IN 2019

IFEANYI ONUBA The Federal Government, through the Federal Inland Revenue Service, plans to generate N4.3tn from petroleum profit tax and N1.7tn through the Value Added Tax in 2019, The amount is part of the N8.8tn tax revenue needed by the government to finance the 2019 budget. Details of how the revenue would be generated are contained in the Medium Term Expenditure Framework Tax Revenue Projections for 2019-2021. The document, which was submitted to the National Assembly by the Executive Chairman of FIRS, Mr Tunde Fowler, was obtained on Friday by…

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FIRS TO NOW CHARGE VAT ON LOTTERY, BETTING

The Federal Government yesterday announced plans to charge Value Added Tax VAT,  on lottery and gaming activities and automate collection from operators in the Lottery sector. Fowler This was announced in Lagos at a stakeholders’ engagement session with lottery and gaming operators. The session, organized by the Federal Inland Revenue Service, FIRS, in conjunction with the National Regulatory Commission, NLRC, had in attendance top brass of the revenue agency, led by FIRS Chairman, Mr Tunde Fowler; Mr. Lanre Gbajabiamila, NLRC Director-General; representative of the Senate Committee Chairmen on Sports, representative…

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