70% of revenue shared between federal govt, states in July from tax — FIRS
Earnings from taxation accounts for 70 per cent of the monthly statutory revenue allocation from the Federation Accounts, the Federal Inland Revenue Service has disclosed.
“During the FAAC meeting in July, the total amount shared among the three tiers of government – federal, states and local – was N696 billion. He urged Nigerians and corporate organizations in the country to continue to fulfill their obligations by playing their taxes as and when due. Without the tax money, Mr Nami said there would be chaos and confusion everywhere in the country, as there would not be sufficient money to finance public projects.
The renewed focus on stamp duty via the recent launch of an inter-ministerial committee on the recovery of stamp duty from 2016 till date has started to yield dividends. In recent weeks, controversy has trailed the decision by the tax agency to introduce the payment of six per cent stamp duty on all tenancy and lease agreements in the country.
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