House Considers Finance Bill Report - THISDAYLIVE

The House of Representatives has considered the report of the Committee on Finance on a Bill for an Act to Amend the Companies Income Tax Act, Value Added Tax Act, Customs and Excise Tariff.

The report was laid on the floor of the House by the Chairman of the Committee, Hon. James Faleke, at the plenary yesterday. The House also approved the increase of VAT from five per cent to 7.5% on services rendered in Nigeria regardless by a person physically present or not, as well as services rendered within Nigeria or outside.

The bill stipulates that non-resident company is also under the obligation to be taxed on the invoice for the supply of taxable services while the person to whom the services are supplied in Nigeria shall withhold and remit tax directly to the Service in the currency of payment.

United States United States Latest News, United States United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Like Senate, Reps Pass Finance Bill Proposing VAT Increase, OthersLike Senate, Reps Pass Finance Bill Proposing VAT Increase, Others. The Finance Bill isn't only about VAT increase...but of course this will draw wailers to malign MBuhari usual AjuriNgelale Okay, but is it must the governments to be on social media👉YES OR NO with your reason😂😂 Follow back pls!! thanks 🙏 Pls the should increase our allawee (nysc)
Source: channelstv - 🏆 7. / 63 Read more »