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Please use this identifier to cite or link to this item: http://ngfrepository.org.ng:8080/jspui/handle/123456789/4841
Title: REVIEW OF THE CASE FACTS AND LESSONS FOR TAX AUTHORITIES VAT - AG. RIVERS V. FIRS AND PENDING SUIT ON STAMP DUTY & AG ABIA STATE & 35 ORS V. AG FEDERATION EXAMINED
Authors: Albert Folorunsho
Keywords: VAT
TAX
STAMP DUTIES
FIRS
RIVERS STATE - NIGERIA
CASE FACTS
TAX AUTHORITIES
SUIT
Issue Date: 12-Oct-2021
Citation: Albert Folorunsho (2021) Review of the Case Facts and Lessons for Tax Authorities VAT - Ag. Rivers V. FIRS And Pending Suit On Stamp Duty & AG Abia State & 35 Ors V. AG Federation Examined
Abstract: VAT was introduced in 1993 to replace Sales Tax and came into force in 1994. Currently, VAT is administered by FIRS on behalf of the Federal Government and shared amongst the three tiers of government. Sharing formula is 15%, 50% and 35% amongst Federal, States and Local Governments respectively. In 2020, VAT emerged as the fastest growing tax revenue type with a total of ₦1.53 trillion Of the total amount generated, 51% was derived from import and international services. Five highest grossing states from VAT on local supplies are Lagos – 50.5%, FCT – 13.2%, Oyo – 2.9%, Rivers – 2.7% and Kano – 1.4%.
URI: http://ngfrepository.org.ng:8080/jspui/handle/123456789/4841
Appears in Collections:NGF HELPDESK VIRTUAL TECHNICAL LEARNING WORKSHOP: STATE-LEVEL TAX ADMINISTRATION IN NIGERIA: TAX LAW AND CONNECTED REFORMS

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