PROPERTIES FOR SALE IN ABUJA

Office of the S. S. A. to Gov Masari

Visit Sahel Medicare Pharmacy & Dental Clinic Today

Visit TIS Dental & Medical Services Today

CHERISH COLLEGE OF HEALTH

Buy Mobile Phones Contact 08035947436

Buy Rims/Tires in Katsina CALL 080-322-22751

ALBHUSTAN HOTELS LTD KATSINA

VISIT MAIDABINO INVESTIMENT FOR ALL YOUR TASTY NEEDS

CONTACT KATSINA POST

BUY ALL KINDS OF PLOTS/HOUSES/RENTS IN KATSINA

REPAIR YOUR CAR WINDSCREEN PROFESSIONALLY

Home Politics Katsina State gets additional N.5bn monthly when FG increase VAT to 7.2% – Analysis
Katsina State gets additional N.5bn monthly when FG increase VAT to 7.2% – Analysis

Katsina State gets additional N.5bn monthly when FG increase VAT to 7.2% – Analysis

0

Katsina State gets N.5bn monthly when FG increase VAT to 7.2% – Analysis

A recent analysis made by a Civic and transparency giant company, BudgIT has calculated an average monthly allocation increase that the 36 states of the Federation will get after the federal government implemented the value-added tax (VAT).

According to the analysis, Lagos state will get the largest share after the VAT increase with N3.6bn then followed by Kano State with N804m.

Katsina State is the 6th state which will benefit from the VAT increase with N571m.

Recall that the Nigerian government has approved an increase in Value Added Tax (VAT) rate from 5% to 7.2% to expand fiscal revenue in the country.

Zainab Ahmed, Nigeria’s Finance Minister, Budget & National Planning stated this at the end of the weekly Federal Executive Council (FEC) on Wednesday, September 11th.

In Nigeria, Value Added Tax (VAT) is payable on goods and services consumed by any person, whether government agencies, business organization or individuals.

According to the Value Added Tax Act Cap V1 LFN 2004 (as amended), some of the items excluded from VAT include medical and pharmaceutical raw materials and products, basic food items, baby products, commercial vehicles and spare parts, fertilizer, diplomatic goods, and others.

LEAVE YOUR COMMENT

Your email address will not be published. Required fields are marked *

Aminchi Klin Motors

%d bloggers like this: