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Finance minister revokes Okonjo Iweala's policy

08 July 2016, 17:42

Abuja - Minister of finance, Kemi Adeosun has revoked the amendment reducing witholding tax for construction related activities, Leadership reports.

The regulation was amended by the former minister of finance and coordinating minister of the economy, Dr Ngozi Okonjo-Iweala in 2014.

Okonjo-Iweala had amended the Companies Income Tax in order to reduce the withholding tax rate applicable to payments in respect of all aspects of building, construction, and related activities excluding survey, design and deliveries from five per cent to 2.5 per cent.

But Adeosun reverted the policy to five per cent based on recommendation from the Federal Inland Revenue Service (FIRS).

The 2.5 per cent will however continue to be effective until the regulations are officially revoked via publication in the Federal Republic of Nigeria Official Gazette.

Earlier this year, FIRS set a revenue target of N4.957 which it plans to generate in 2016 according to Naij.

The commission’s plan is line with the federal government’s plans to generate income from other sources due to dwindling international oil prices.

According to FIRS chairman, Dr Babatunde Fowler, the N4.957 trillion target for 2016 would be largely dependent on non-oil collection and in particular Value Added Tax (VAT) which will account for N2 trillion and Corporate Income Tax (CIT) expected to account for Nl.877 trillion.

- News 24


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