• Privacy Policy
  • Terms
  • About us
  • Contact Us
  • Staff Email
Friday, October 3, 2025
  • Login
TheMattersPress
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
TheMattersPress
No Result
View All Result
Home News

Experts seek quick resolution to FG, states VAT war

VAT

The Matters Press by The Matters Press
January 29, 2022
Reading Time: 2 mins read
0
Experts seek quick resolution to FG, states VAT war

Economic experts have called for quick resolution of the lingering war over Value Added Tax (VAT) and consumption tax between the federal and state governments for economic growth and development.

RELATED POSTS

Think Tank welcomes first interest cut in 5 years, notes that CBN decision aligns with its projection ‎

Atiku’s hunger revolution, delusional – TMSG

‎Fubara, lawmakers’ position vindicate President Tinubu’s emergency rule declaration-TMSG

They said this at the Nairametric’s 2022 Economic Outlook webinar on Saturday in Lagos with the theme: “Your money, the economy and government policies.”

Speaking at the event, Mr Liborous Oshoma, Head Attorney at the Liborous Oshoma Chambers, said the lingering VAT war between the federal government and states was not good for the economy.

Oshoma suggested that the concerned parties should sit down at the Federal Accounts Allocation Committee (FAAC) and find a resolution to the issue.

Also speaking, Mr Olufemi Babem, Partner, Tax, Regulatory & People Services at KPMG, said the VAT war issue should be solved without further delay.

Babem said the governors and president should sit down together and find a political solution to the issue.

Speaking on the “Economic impact of government’s tax revenue drive,” he said the 2022 budget deficit of N6.39 trillion needed to be funded, noting that government would be aggressive in revenue drive.

He noted that the 2021 Finance Act had many amendments that would increase domestic revenue mobilisation, tax administration and legislative drafting, international taxation and financial sector reforms as well as tax equity, among others.

On expected fiscal changes, Babem said Nigerians should expect an increase in effective rate of tax on corporate profits by about 0.6 per cent, broadening the corporate income tax base for profit oriented educational institutions and foreign companies providing services to Nigerian beneficiaries.

According to him, taxation of the digital economy such as Twitter, Microsoft and Netflix will expand Nigeria’s tax base.

Babem noted that government should deploy digitisation in tax collection to expand the country’s tax base instead of embracing constant tax increment.

He called on Nigerians to prepare for increased tax authority action and review business and operating structure to optimise tax position.

Mr Andrew Nevin, FS Leader PWC West Africa, said Nigeria needed to improve the business environment to drive growth and development.

Nevin stressed the need to drive export growth through services, unlock dead assets, move informal to formal sector and harness the power of the Diaspora, among others.

He noted that digitisation of tax system was in the right direction to increase tax revenue.

Nevin added that raising taxes would be very problematic due to the challenges in the country occasioned by the COVID-19 pandemic.

Mrs Adetoun Dosunmu, Head, Fixed Income, Currencies & Treasury, FBNQuest Merchant Bank, said inflation would be on the rise due to electioneering activities with increased money in circulation.

Dosunmu predicted that interest rate would be increased in the year due to high inflation rate and the need to fund budget deficit.

“If you want to attract FPI, you need to increase your interest rate.

Rates will go up and there is budget deficit to be funded and the suspension of subsidy removal will gulp another deficit of about N1.2 trillion,” she said.

Tags: VAT
ShareTweetPin
The Matters Press

The Matters Press

Related Posts

Consumer commission, CBN, EFCC investigate violations in money lending
Economy/Technology

Think Tank welcomes first interest cut in 5 years, notes that CBN decision aligns with its projection ‎

September 24, 2025
Drop your frustration, let President Tinubu be, Group picks on Atiku
Economy/Technology

Atiku’s hunger revolution, delusional – TMSG

September 23, 2025
‎Fubara, lawmakers’ position vindicate President Tinubu’s emergency rule declaration-TMSG
Economy/Technology

‎Fubara, lawmakers’ position vindicate President Tinubu’s emergency rule declaration-TMSG

September 22, 2025
2023 maritime, shipping outlook force experts to call for aid
Economy/Technology

Leap in non-oil exports gain of Nigeria:s economic diversification ‎

September 17, 2025
NBS reports increase in Inflation
Economy/Technology

Think Tank ‎projects 17% inflation rate by year-end, urges CBN to ease benchmark rate ‎

September 17, 2025
Old pension scheme beneficiaries get a boost in entitlements
Economy/Technology

‎GROUP LAUDS INSURANCE SCHEME FOR RETIREES IN NIGERIA. ‎

September 14, 2025
Next Post
NCDMB to host local content investment forum

NCDMB to host local content investment forum

Nigeria exports 3,991 containers of cocoa beans

Nigeria exports 3,991 containers of cocoa beans

Recommended Stories

End controversy, submit to EFCC, Group advises Yahaya Bello

End controversy, submit to EFCC, Group advises Yahaya Bello

April 28, 2024
Buhari unveils redesigned naira notes

POS operators, Katsina residents seek circulation of new naira notes

January 9, 2023
Nigeria suspends mining in Zamfara

Mining sector grows by 17.95% in 2020

December 15, 2021

Popular Stories

  • Rising prices of goods cause protests in Morocco

    Rising prices of goods cause protests in Morocco

    0 shares
    Share 0 Tweet 0
  • NLNG not responsible for gas supply shortfall, price hike

    0 shares
    Share 0 Tweet 0
  • NCC sets fresh operational fees, spectrum prices for telecom operators

    0 shares
    Share 0 Tweet 0
  • Hoarding causes hike in prices of grains

    0 shares
    Share 0 Tweet 0
  • Prices of Petrol, diesel increase in November

    0 shares
    Share 0 Tweet 0
TheMattersPress

We bring you the best news update in Nigeria

LEARN MORE »

Recent Posts

  • Think Tank welcomes first interest cut in 5 years, notes that CBN decision aligns with its projection ‎
  • Atiku’s hunger revolution, delusional – TMSG
  • ‎Fubara, lawmakers’ position vindicate President Tinubu’s emergency rule declaration-TMSG

Categories

  • Agriculture
  • Economy/Technology
  • Energy
  • Entertainment/sports
  • Features
  • Foreign
  • Multimedia
  • Natural Resources
  • News
  • Oil and Gas
  • Photo
  • Politics
  • Security
  • Thematterspress
  • Uncategorized
  • Video

© 2025 Domo Tech World - Powered by Thematterspress.

No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us

© 2025 Domo Tech World - Powered by Thematterspress.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Call Us