Skip to main content

Vat Increase: Businesses In Lagos To Pay 12.2 Per Cent On Goods, Services

 

Businesses in Lagos will pay 12.2 per cent on the sale of goods and services once the 7.2 per cent Value Added Tax increase comes into force.

An analyst with Afrinvest, Adedayo Bakare, pointed this to SaharaReporters on Wednesday during a chat.

The Lagos State Government had since collected tax from restaurants and other retailers under a sales tax law despite a Supreme Court ruling against such in September 2018.

Bakare while speaking with SaharaReporters, said, “In Lagos, consumption tax is already 10 per cent because Lagos State charges five per cent VAT and there is also another consumption tax of five per cent.

“So, for Lagos State, automatically, consumption tax is 12.2 per cent.” 

Citing the data on VAT collection given by Nigeria’s former Finance Minister, Kemi Adeosun, in 2018, Bakare said only about four states were generating most of the VAT, adding that the tax burden on just a few is disproportionate.

“Meanwhile, when they generate all these money, they will share it between 36 states when most of the money is generated in just four states.”

While admitting that the hike in VAT was not wrong, Bakare said there was a more urgent need to keep widening the tax net.

He added, “It is important that they widen the tax net to bring more informal businesses to the formal sector.”

 

Taxes News AddThis :  Original Author :  SaharaReporters, New York Disable advertisements : 

from All Content
via

Comments

Post a Comment

Popular posts from this blog

These funny food quotes will make you laugh like crazy

Food is not only an essential part of the daily routine but also the most exciting one. We cannot imagine our life without something yummy. How do you make ordinary eating fun and unforgettable? We bring to your attention amazing food quotes which will definitely make you smile. Image: unsplash.com (modified by author) Source: UGC Are you looking for interesting ideas to entertain your interlocutor while having lunch at work or family dinner? Then this article is definitely for you! Good food quotes Below are food quotes, aphorisms and witty statements. This is an exciting and extraordinary collection of the top "pearls of wisdom" on this topic. Here you can find funny jokes and sayings, intelligent thoughts of philosophers and original words of great thinkers and inspiring statuses from social networks, as well as many other things. The best appetite comes without food. I love calories. They are dаmn tasty. An empty stomach is the Devil's playground. Have bre
Post a Comment
Read more

The Transitional Phase of African Poetry

The Transitional Phase The second phase, which we have chosen to call transitional, is represented by the poetry of writers like Abioseh Nicol, Gabriel Okara, Kwesi Brew, Dennis Brutus, Lenrie Peters and Joseph Kariuki. This is poetry which is written by people we normally refer to as modem and who may be thought of as belonging to the third phase. The characteristics of this poetry are its competent and articulate use of the received European language, its unforced grasp of Africa’s physical, cultural and socio-political environment and often its lyricism. To distinguish this type of poetry we have to refer back to the concept of appropriation we introduced earlier. At the simplest and basic level, the cultural mandate of possessing a people’s piece of the earth involves a mental and emotional homecoming within the physical environment. Poems like Brew’s ‘‘Dry season”, Okara’s “Call of the River Nun”, Nicol’s “The meaning of Africa” and Soyinka’s “Season”, to give a few examples,
Post a Comment
Read more

The pioneering phase of African Poetry

The pioneering phase We have called the first phase that of the pioneers. But since the phrase “pioneer poets” has often been used of writers of English expression like Osadebay, Casely-Hayford and Dei-Anag, we should point out that our “pioneer phase” also includes Negritude poets of French expression. The poetry of this phase is that of writers in “exile” keenly aware of being colonials, whose identity was under siege. It is a poetry of protest against exploitation and racial discrimination, of agitation for political independence, of nostalgic evocation of Africa’s past and visions of her future. However, although these were themes common to poets of both English and French expression, the obvious differences between the Francophone poets and the Anglophone writers of the 1930s and 1940s have been generally noted. Because of the intensity with which they felt their physical exile from Africa, coupled with their exposure to the experimental contemporary modes of writing in F
Post a Comment
Read more