Nigerian Traders, Mechanics Decry Multiple Taxation  

Nigerians engaged in wholesale and retail trade and repair of motor vehicles and motorcycles paid a total tax of N167.45bn between the first quarter of 2022 and Q1 2023. <br />The total tax was raised from Value Added Tax and Company Income Tax. <br />The Federal Inland Revenue Service says CIT is a 30 per cent tax imposed on the profit of companies and VAT is a 7.5 per cent consumption tax paid when goods are purchased, and services rendered and borne by the final consumer. <br />The government raised N96.96bn from VAT and N70.49bn from CIT for the wholesale and retail trade and repair of motor vehicles and motorcycles.<br /><br />This show is part of the Spreaker Prime Network, if you are interested in advertising on this podcast, contact us at <a href="https://www.spreaker.com/show/4166630/advertisement">https://www.spreaker.com/show/4166630/advertisement</a>