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VAT Judgement: FIRS May Lose ₦92 Billiom Revenue To States - Politics (3) - Nairaland

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Re: VAT Judgement: FIRS May Lose ₦92 Billiom Revenue To States by Jamesbiodun(m): 8:52am On Sep 14, 2021
What have they been using the money for
Re: VAT Judgement: FIRS May Lose ₦92 Billiom Revenue To States by HIGHESTPOPORI(m): 9:25am On Sep 14, 2021
Aufbauh:
So many people are not educated about this VAT issue, but trust Nigerias very sentimental people they want to react.

The VAT issue is not a sky view as most of us think it to be.
Most states does not even have the capacity to generate the amount they're presently receiving from the FG arrangement.
If consuming tax VAT is left to the state to control, the assumed collectible figures is not feasible. What it means is that all multinationals in Lagos, Rivers etc eg Coca cola that have branches in other states of the federation has to pay VAT in those States of operation.
What is obtainable currently is that coca cola pays their VAT centrally from their HQ and is calculated for Lagos state as state hosting the HQ.
More importantly it may lead to situation of multiple taxation if not properly managed.
How many of this HQ is in the north? If there is none, they shouldn't be benefting from vat from the south.
Re: VAT Judgement: FIRS May Lose ₦92 Billiom Revenue To States by tamdun: 9:48am On Sep 14, 2021
Aufbauh:
So many people are not educated about this VAT issue, but trust Nigerias very sentimental people they want to react.

The VAT issue is not a sky view as most of us think it to be.
Most states does not even have the capacity to generate the amount they're presently receiving from the FG arrangement.
If consuming tax VAT is left to the state to control, the assumed collectible figures is not feasible. What it means is that all multinationals in Lagos, Rivers etc eg Coca cola that have branches in other states of the federation has to pay VAT in those States of operation.
What is obtainable currently is that coca cola pays their VAT centrally from their HQ and is calculated for Lagos state as state hosting the HQ.
More importantly it may lead to situation of multiple taxation if not properly managed.
It's not rocket science actually, Coca-Cola will make their calculations based on what they sell in each state, if they sold 50 million bottles in lag, they'll pay vat for those 50m to Lagos and same should apply to other states
Re: VAT Judgement: FIRS May Lose ₦92 Billiom Revenue To States by Nobody: 10:09am On Sep 14, 2021
You want to drag those doing business on social media to tax whereas you banned Twitter.

Strange!
Re: VAT Judgement: FIRS May Lose ₦92 Billiom Revenue To States by garfield1: 10:37am On Sep 14, 2021
HIGHESTPOPORI:
How many of this HQ is in the north? If there is none, they shouldn't be benefting from vat from the south.

You mean from south west
Re: VAT Judgement: FIRS May Lose ₦92 Billiom Revenue To States by HIGHESTPOPORI(m): 10:39am On Sep 14, 2021
garfield1:


You mean from south west
Is South West in North?
Re: VAT Judgement: FIRS May Lose ₦92 Billiom Revenue To States by garfield1: 10:44am On Sep 14, 2021
HIGHESTPOPORI:
Is South West in North?

The sw produces the highest VAT followed by north central.your se and north east are the lowest
Re: VAT Judgement: FIRS May Lose ₦92 Billiom Revenue To States by Kinematics: 11:00am On Sep 14, 2021
Lovenorth:
[s]Federal government must be the one to collect VAT on behalf of state and distribute it the way it is doing. I can't consume coke in Kano and the VAT be deduced in Lagos or someone consume beer in Kaduna and the VAT be collected in Rivers. The VAT of the national assets and companies should not be given to a single state[/s]

Re: VAT Judgement: FIRS May Lose ₦92 Billiom Revenue To States by Limassol(m): 12:32pm On Sep 14, 2021
tobtap:
Cool... States need d money pass firs.. So a welcome development
It should be state governors and their cronies need the money pass FIRS. Some Nigerians are yet to wake up from their slumber.
Re: VAT Judgement: FIRS May Lose ₦92 Billiom Revenue To States by asamaigho(m): 4:27pm On Sep 14, 2021
saferoom:
Mark my words. VAT under FIRS is 1000 far better than VAT under states. These states behave like terror to businesses and companies. Ordinary building Approvals, and market taxes, they suffer land owners, SMEs and Market sellers. Is it VAT that they can handle?
On the contrary, states with dat gives some sort of concession will attract investors, while states dat are too harsh will loose investors. At the end of the day, conducive environment for business will go a long way to improve state income on tax.

Am not an expert tho.
Re: VAT Judgement: FIRS May Lose ₦92 Billiom Revenue To States by Blue3k(m): 5:29pm On Sep 14, 2021
saferoom:
Mark my words. VAT under FIRS is 1000 far better than VAT under states. These states behave like terror to businesses and companies. Ordinary building Approvals, and market taxes, they suffer land owners, SMEs and Market sellers. Is it VAT that they can handle?

Sounds like a personal issue. What is your state assembly doing about it? If they dont solve it do you plan on moving to a more business friendly state? Any company that can afford to move will simply do it. If this does get out of control the Constitution will have to be amended eventually but till then the law is what it is.

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