Over the years, VAT has grown to become a critical revenue source, managed centrally by the Federal Inland Revenue Service. Under the current revenue-sharing formula, 15 per cent of VAT is ...

The bills propose altering the current VAT revenue-sharing formula, reducing the federal government’s share from 15% to 10% while allocating the remaining 90% to states and local governments.

The RMAFC, however, warned that such changes to the VAT formula without its input could breach constitutional provisions and undermine its role as the impartial arbiter of revenue allocation in ...

The sharing formula for the Value Added Tax (VAT) between the federal, states and local governments is topping the agenda of discussions between the Attorney General of the Federation and the ...

state, and local governments, have been made public. Under current law, VAT is allocated in a 15 percent, 50 percent, and 35 percent split Read More ...

The CSOs urged stakeholders, including the federal, state, and local governments, to work collaboratively to adopt a consensus-driven VAT allocation formula that promotes fairness and avoids ...

Despite its opposition to the VAT formula change, RMAFC commended President Bola Ahmed Tinubu’s innovative revenue-raising initiatives. “The Commission appreciates the submission of the four ...

Lagos State is set to be the biggest loser of the new value-added tax (VAT) revenue-sharing formula for Nigeria’s sub-nationals, proposed by a presidential tax advisory body. The revelation ...