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VAT

COVID-19: The Trouble that Lies Ahead for the Federal Accounts Allocation Committee (FAAC)

By Abdulazeez KurangaPosted on Posted in Analytics, ArticlesTagged , , , , , , 1 Comment on COVID-19: The Trouble that Lies Ahead for the Federal Accounts Allocation Committee (FAAC)

This article explains the trouble that lies ahead of FAAC going forward by first graphically explaining the relationship between oil prices and total monthly allocation, then examining the trend in monthly revenue sharing since 2017, compare with other months and years, as well as forecast what will happen going forward given the global pandemic as well as the price war which have led to share decline in the price of crude oil in the international market.

Understanding Lagos State Finances and its Preference for External Debt over Internal Debt

By Abdulazeez KurangaPosted on Posted in Articles, Business & FinanceTagged , , , , , , , , No Comments on Understanding Lagos State Finances and its Preference for External Debt over Internal Debt

Lagos State Government recently released its financial statement and we provide an insightful analysis into the state finances and its debt profile.

VAT 101: Meaning of VAT Registration Threshold as Announced by President Buhari During 2020 Budget Presentation

By Abdulazeez KurangaPosted on Posted in ArticlesTagged , , , , , No Comments on VAT 101: Meaning of VAT Registration Threshold as Announced by President Buhari During 2020 Budget Presentation

Currently, section 8 of the VAT law requires a taxable person (an individual, body of individuals, companies, etc) to register for VAT with FIRS and charge VAT at 5% on the supply of their goods or services to customers. The VAT charged must be paid to FIRS together with a VAT form duly filled and submitted on a monthly basis. Failure to comply carries financial penalties.

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