S̶q̶u̶i̶d̶ ̶ VAT Game😬

Oct 15, 2021

Hello Venturer,

Are you like me? A person who resists seeing a movie or show no matter the hype? If you are, I applaud you. Sadly, I am out of that league now because I hopped on the hype of Netflix's viral Korean series - Squid Game. Thankfully, it was worth it.

Now, whether or not you succumb to peer pressure, as a Nigerian, you must understand that we are currently dealing with far more serious issues. And although no one is going to die, there will be winners and losers. Can you guess who the players are? - Nigerian states, the Federal Inland Revenue Service, the federal government, and you and I.

It's a game of VAT.

There have been controversies surrounding VAT collection in Nigeria. The question of whether VAT should be collected at the national or subnational level is being debated. There are two buttons: the green button to keep the status quo and the red button to completely change the game. What is it going to be?

Adekunle Agbetiloye

Staff Writer, Ventures Africa.

What's New

What you need to know about Nigeria's VAT battle

The FIRS warns that VAT collection in Nigeria can only work at the national level, not at the state level. Muhammed Nami, the Executive Chairman of FIRS, cited issues such as input-output mechanism and differences in tax rates as factors that will impede VAT collection at the state level. He illustrated thus, "If a business person buy goods in Osun state, pays a purchasing VAT in the state, and takes the goods to sell in Sokoto state, he will also be charged VAT. Learn more.

Does Nigeria really need a stronger Naira?

Nigerians seem to be so obsessed with the exchange rate that we barely pay attention to the economy. And as the naira depreciates, we groan and panic. Even the Central Bank of Nigeria seems to be missing the mark on this. Many Nigerians believe the naira’s weak exchange rate is the problem, but maybe that isn't the case. Learn more.

Luxury redefined: Exploring helicopter ownership in Africa with the Bell 505.

When the Bell 505 Jet Ranger X launched in November 2014, it promised best-in-class performance for a variety of missions as a versatile, customer-driven vehicle that prioritized safety, performance and affordability – all with good reason. Now, almost seven years later, it still delivers on its promise of providing remarkable and diverse experiences to people all over the world. Read more.

Retail spending on mobile apps rises by 55 percent in Sub-Saharan Africa.

With the unprecedented arrival of COVID-19 came restrictions to prevent the widespread of the deadly virus. This development expedited the shift to digital commerce, with mobile apps taking centre stage. In the past 18 months, there has been a massive wave of consumers across the globe shopping via apps. Read more on how this affected retail spending on mobile apps in Sub-Saharan Africa.

Appzone relaunches BankOne, a digital core banking solution for Africa's fintechs and neobanks.

Appzone, the Pan-African fintech software provider building proprietary solutions for the continent’s banking and payments industries, has announced the Pan-African launch of BankOne, its digital core banking solution now re-engineered to serve the continent’s leading fintechs, neobanks and challenger banks. BankOne is now deployed as a platform for technology-driven financial institutions intending to adopt a 360-degree digital approach that does not involve physical branches or human interaction. Learn more.

Mastercard Priceless Planet Coalition welcomes Premier Bank in Somalia as strategic partner to fight climate change.

Africa, like many other parts of the world, continues to battle the effects of climate change, which include extreme weather events like droughts and floods. Collaboration has become essential as we urgently invest in innovative ways to inspire collective action to address climate change. Given the urgency of this mission, Premier Bank, an Islamic financial institution in Somalia, has joined the Priceless Planet Coalition as a strategic partner. Read more.