CIT in Nigeria Collection Surges by 151% in Q2 2024. The Nigerian federal government’s Company Income Tax (CIT) collection skyrocketed by 150.83% in the second quarter of 2024, reaching a record N2.47…
Category: Western Africa
Nigeria Plans VAT Increase to 10%, Offers Tax Cuts
Nigeria Plans VAT Increase to 10%, Offers Tax Cuts. The Presidential Committee on Fiscal Policy and Tax Reforms has proposed raising Nigeria’s Value Added Tax (VAT) from the current 7.5% to 10%…
Ghana to Expand Double Taxation Agreements with 36 New Treaties
Ghana to Expand Double Taxation Agreements with 36 New Treaties. The Ministry of Finance in Ghana is planning to expand its network of Double Taxation Agreements (DTAs), adding 36 new treaties to…
Nigeria Unveils Ambitious Crypto Tax Reforms to Boost Economy, Regulate Digital Assets
Nigeria Unveils Ambitious Crypto Tax Reforms to Boost Economy, Regulate Digital Assets. Nigeria’s Federal Inland Revenue Service (FIRS) is taking a significant step towards regulating the country’s burgeoning cryptocurrency market, valued at…
Ghana May Reinstate Electricity VAT if Inflation Falls Further
Ghana May Reinstate Electricity VAT. The International Monetary Fund (IMF) has indicated that the Ghanaian government might reinstate the previously suspended 15 percent Value-Added Tax (VAT) on electricity if the country’s inflation…
Nigeria Targets Crypto in New Tax Overhaul
Nigeria Targets Crypto in New Tax Overhaul. The Nigerian government is moving to bring the booming cryptocurrency industry under its tax net as the Federal Inland Revenue Service (FIRS) is set to…
Review of 70% Windfall Tax on Banks- Nigerian Bank Directors
Review of 70% Windfall Tax on Banks. Bank directors in Nigeria have called on the National Assembly to revisit the recently imposed 70% windfall tax on commercial banks, urging lawmakers to engage…
Nigeria Exempts VAT on CNG Products, Pharmaceuticals, Imported Food Items to Boost Economy
Nigeria Exempts VAT on CNG Products, Pharmaceuticals, Imported Food Items to Boost Economy. The Nigerian federal government has announced a significant exemption from Value Added Tax (VAT) on Compressed Natural Gas (CNG)…
Calls for Corporate Tax Relief to Strengthen Rural Banking in Ghana
Calls for Corporate Tax Relief to Strengthen Rural Banking in Ghana. The ARB Apex Bank has called on the Bank of Ghana to consider reducing the corporate tax rate for Rural and…
GRA, Finance Ministry Sued Over $335 Million Tax Waivers for 42 Companies in Ghana
GRA, Finance Ministry Sued Over $335 Million Tax Waivers . The Ghana Revenue Authority (GRA) and the Finance Ministry are embroiled in a legal battle over the decision to grant tax waivers…