Consumption tax rate in lagos state

PAYE rates If you have read this far, the question on your mind is probably, “how much exactly is this PAYE?” Well, it depends. Lagos operates a graduating scale PAYE system. The tax rates increases based on the employee’s annual taxable income The scale used by the LIRS is: a. The first N300,000 will be charged at 7%; b. In Cairo, it is 19 per cent while in Kenya, 16 per cent, Lagos is only 10 per cent when the five per cent VAT is added to the consumption tax. Within the limits of available resources, Lagos State Government has demonstrated clearly that the new Lagos is not just a dream. It is reality well within our reach. 2 Tax Alert. In the exercise of its powers to license and regulate hotels, the Lagos State House of Assembly enacted the Hotel Occupancy and Restaurant Consumption Law. The Law imposes a 5% tax on consumption of goods and services in hotels, hotel facilities, event centers and restaurants.

16 Mar 2017 A BusinessDay report shows that Nigeria's tax income has decreased by and the state's Revenue Service e. g Lagos Inland Revenue Service (LIRS). to ₦ 30,000 monthly to file taxes; a good rate, but one that some small  6 May 2005 The Internally Generated Tax Revenue of Lagos State has gone up introduction of higher PAYE rates for the highest salary groups. We recommend the abolition of sales tax, produce sales tax, and the development levy. Hotel occupancy and Restaurant Consumption Tax: It is a tax imposed on goods and services consumed in hotels, bars, restaurants and event centres within Lagos State. This tax is payable by the consumers who purchase these goods and services. LIRS is the revenue collecting arm of the Lagos State Government saddled with the responsibility of collecting taxes and other revenues. Follow us on Quick Links Nigeria: Lagos State’s hotel and restaurant consumption tax, authority is upheld Nigeria: Lagos State’s hotel and restaurant consumption The Federal High Court on 3 October 2019 issued a judgement holding that Lagos State has statutory authority to impose a consumption tax on hotels and restaurants.

13 Sep 2019 The tax is charged on most goods and services provided in Nigeria as well as goods According to the tax expert, any increase in VAT rate without a He was transferred to a containment facility in Yaba, Lagos State on 

2 Tax Alert. In the exercise of its powers to license and regulate hotels, the Lagos State House of Assembly enacted the Hotel Occupancy and Restaurant Consumption Law. The Law imposes a 5% tax on consumption of goods and services in hotels, hotel facilities, event centers and restaurants. The recent trend is moving towards a consumption tax alone, abandoning state income taxes. If your state is considering this method, there are some changes you can anticipate. Increase in taxable items: By removing income taxes, your state will need to fill in the revenue gap. It’s likely that the sales tax rate, and/or the sales tax base (e No state rates have changed since July 2018, when Louisiana’s declined from 5.0 to 4.45 percent. The District of Columbia’s sales tax rate increased to 6 percent from 5.75 percent. Sales tax rates differ by state, but sales tax bases also impact how much revenue is collected from a tax and how the tax affects the economy. It is a consumption tax levied at each stage of the consumption chain, and is borne by the final consumer. It requires a taxable person upon registering with the Federal Board of Inland Revenue to charge and collect VAT at a flat rate of 5% of all invoiced amounts of taxable goods and services. The Sales Tax Rate in Nigeria stands at 7.50 percent. Sales Tax Rate in Nigeria averaged 5.17 percent from 2006 until 2020, reaching an all time high of 7.50 percent in 2020 and a record low of 5 percent in 2007. This page provides - Nigeria Sales Tax Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Capital Gains Tax is paid on the sale of a qualifying capital expenditure; Other forms of taxes include Withholding tax with varying rate depending on type of transaction, Advertising tax, Social Security contributions. There are 17 forms of taxes in Lagos State and 47 different payments to be made to remit all taxes.

It is a consumption tax levied at each stage of the consumption chain, and is borne by the final consumer. It requires a taxable person upon registering with the Federal Board of Inland Revenue to charge and collect VAT at a flat rate of 5% of all invoiced amounts of taxable goods and services.

The rate of Personal Income Tax payable depends on the amount of 'taxable income' which the person is liable for. Taxable income refers to the base upon which  13 Dec 2019 Institute of taxation of Nigeria, CITN, Ikeja and District Society has said that the proposed increase on Value Added Tax (VAT) rate from five to  16 Mar 2017 A BusinessDay report shows that Nigeria's tax income has decreased by and the state's Revenue Service e. g Lagos Inland Revenue Service (LIRS). to ₦ 30,000 monthly to file taxes; a good rate, but one that some small 

Hotel occupancy and Restaurant Consumption Tax: It is a tax imposed on goods and services consumed in hotels, bars, restaurants and event centres within Lagos State. This tax is payable by the consumers who purchase these goods and services.

LIRS is the revenue collecting arm of the Lagos State Government saddled with the responsibility of collecting taxes and other revenues. Follow us on Quick Links Nigeria: Lagos State’s hotel and restaurant consumption tax, authority is upheld Nigeria: Lagos State’s hotel and restaurant consumption The Federal High Court on 3 October 2019 issued a judgement holding that Lagos State has statutory authority to impose a consumption tax on hotels and restaurants. Thereafter, LSBIR instituted an action at the Lagos High Court claiming the sum of N210,000,000 as sales tax arrears and penalty as well as interest on the said sum at the rate of 21% from June 2001 until judgment and thereafter at the rate of 6% per annum until liquidation.

on Fiscalization of Hotel Occupancy & Restaurant Consumption Tax Law at the Banquet Hall, Lagos House, Alausa, Ikeja on Thursday, February 22, 2018.

25 Jul 2019 Taxes under the PAYE scheme fall under the jurisdiction of the State For example, if you live in Ogun State but work in Lagos, you are liable to pay tax to Ogun State and not Lagos State. Nigerian Personal Income Tax Laws have evolved over the years with This is a 10.17% effective tax rate for Ahmed. Lagos State was created by virtue of the State that Lagos' population growth rate of 8% has resulted in its Lagos' total receipt under personal income tax. 15 Aug 2009 By driving down crime rate, it has promoted patronage of hotels, clubs and Lagos State said it adopted consumption tax to distinguish the  on Fiscalization of Hotel Occupancy & Restaurant Consumption Tax Law at the Banquet Hall, Lagos House, Alausa, Ikeja on Thursday, February 22, 2018. 13 Sep 2019 The tax is charged on most goods and services provided in Nigeria as well as goods According to the tax expert, any increase in VAT rate without a He was transferred to a containment facility in Yaba, Lagos State on  25 Mar 2019 Though Nigeria's VAT rate of 5% pales in comparison to other countries The Lagos State Sale of Goods Law, 2003 defines “goods” as “all  21 Jan 2019 Abstract: Value added tax (VAT) is most common indirect tax, be concluded at 5% Vatable rate in Nigeria that VAT revenue is Theeffect of internal revenue generation on infrastructural development:A study of Lagos State.

The current policy is to gradually reduce the rate of income tax while focus is Added Tax The facts of a Positive Tax in Nigeria, (Lagos: Kupag Public Affairs,  14 Feb 2018 The Lagos State Hotel Occupancy and Restaurant Consumption Tax Law, auditoriums, fields, and places designated for public use for a fee. study therefore recommends a variable tax rate that will take more for high income earner and that of VAT revenue to the economic growth of Lagos State. 4 Oct 2019 Oladimeji Ramon The Lagos State Government has urged all hotels, restaurants, and events centres operators in the state to respect the  Lagos State Internal Revenue increase of VAT on luxury goods from 5% to 15 %. Government may consider reducing the income tax rate while increasing. Lagos State receives approximately 20 percent of the Value Added Tax (VAT) pool – a form of consumption tax added to a product's sales price. On average, the  The study established that VAT is a consumption tax on economic operations Data on the variables were obtained from the Lagos State Bureau of Statistics