The Nigeria Customs Service has generated N898bn as revenue in 2016, including VAT. The NCS spokesman, Joseph Attah, recently said that the figure was however less than the N904bn collected in 2015.
He attributed the shortfall to the difficulty in accessing foreign exchange and restriction of importers of 41 items from the Central Bank of Nigeria (CBN) foreign exchange window.
According to him, the service was given a target of N937bn as revenue in 2016.
He said, “The strict insistence of the Comptroller General on application of extant laws enabled the service to generate a total that is inclusive of VAT of N898bn.
“If VAT is removed, duty collection only is N720bn, our performance represents a percentage of 76.90 per cent. Hopefully we will do better in 2017.”
According to him, the Customs Comptroller General in recent time had taken steps to effect some redeployment in a bid to strengthen operations and reposition the service for improved delivery.
THE Central Bank of Nigeria (CBN) will publish a public register of licensed stablecoin issuers…
The 8th joint supervision mission of the West African Power Pool (WAPP) financing partners which…
The Kaduna State Internal Revenue Service (KADIRS) has reaffirmed its commitment to inclusive stakeholder engagement…
Entrepreneurship is a function of the entrepreneur. Mindset is what separates the best from the…
Nigeria’s oil and gas industry has attracted investment commitments and projects valued at more than…
Nigerian companies are required to pay tax on their worldwide profits, irrespective of where the…
This website uses cookies.