vat Archives - Brand Spur

The Federation Accounts Allocation Committee (FAAC) was, on Wednesday, reported to have shared N676.407 billion as federation allocation for the month of July 2020. A statement from the Federal Ministry of Finance, Budget and National Planning explained that the amount included VAT. The Federal Government received N273.189 billion, the States received N190.849 billion, the Local Government councils got N142.761billion, while the oil-producing states received N42.851 billion as derivation (13% of Mineral Revenue) and Cost of Collection/Transfer and Refund got N26.757 billion. The communique issued at the end of the virtual meeting, gross revenue available from the Value Added Tax (VAT) for July 2020 was N132.619 billion against N128.619 billion distributed in the preceding month of June 2020, resulting in an increase of N3.793 billion. The distribution is as follows; Federal Government got N18.500 billion, the States received N61.668 billion, Local Government Councils got N43.168 billion, while Cost of Collection/Transfer and Refund got N9.283 billion. The distributed Statutory Revenue of N543.788 billion received for the month was higher than the N524.526 billion received for the previous month by N19.262 billion, which the Federal government received N254.688 billion, States got N129.181 billion, LGCs got N99.593 billion, Derivation (13% Mineral Revenue) got N42.851 billion and Cost of Collection/ Transfer and Refund got N17.474 billion. The communique also revealed that Oil and Gas Royalty, Petroleum Profit Tax (PPT), and Value Added Tax (VAT) increased considerably, while Companies Income Tax (CIT), Import and Excise Duty recorded decreases. The increase could be as a result of policy stipulated by the federal government that commercial properties pay the increased 7.5% tax on all rents since the policy took a full-fledge in July. HEADLINES YOU MIGHT HAVE MISSED FROM BRAND SPUR NNPC generates $4.60bn revenue from 19.104bn litres of crude oil, gas export in one year The Nigerian National Oil Organization (NNPC), on Sunday, said it made a sum of $4.60billion from raw petroleum and gas sent out between June 2019 and 2020. The shape of disruption in the retail space: how it works, how to respond to it, and why it matters You won’t find too many jokes about ‘digital transformation’. It’s a serious business. And if you ask who is doing it, every corporate will raise their hands – but there’s little agreement around exactly what it is, the implications for the organisation, how to go about it. RMB’s recent retail client webinar, featuring Wits’ Prof Brian Armstrong, provided strong direction. Nigeria's GDP Shrinks by 6.10% in Q2 2020 - NBS Nigeria's Gross Domestic Product (GDP) decreased by -6.10% year-on-year) in real terms in the second quarter of 2020, ending the 3-year trend of low but positive real growth rates recorded since the 2016/17 recession. Market Cap of the World`s Five Largest Automobile Manufacturers Plunged by $63bn in 2020 The COVID-19 pandemic has had a severe impact on the global automotive industry, causing supply chain disruptions and factory closures. All of this placed intense pressure on the market already coping with a downshift in global demand. Digital Ticketing Sales to Grow 150% by 2022, as Passengers Return to Travel Hampshire, UK – 24th August 2020: A new study from Juniper Research has found that digital ticketing transaction volumes will exceed pre-COVID levels by 2022; rising from 12.7 billion in 2020 to 32 billion in 2022. It anticipates that continued easing of global travel restrictions will drive increased demand for mobile ticketing in the rail, metro and bus sectors, as commuters return to work. IITA empowers Ogoni youth on agribusiness for sustainable livelihoods The Federal Government of Nigeria, through the Ministry of Environment in partnership with IITA, under the Hydrocarbon Pollution Remediation Project (HYPREP), commissioned a cassava processing factory in Korokoro Community, Tai Local Government Area of Rivers State. Aruba Research: Network as A Service Adoption to Accelerate by 38% Within the Next Two Years as Businesses Adapt to COVID-19 74% of organizations reported moderate to significant impact to their employees due to the pandemic

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