Question 1 a The finance Act of 2020 which came into effect at 1 st January 2021 amends 14 tax and fiscal regulations including Value Added Tax (VAT), and created crisis intervention fund. This is a move to increase the revenue generation by the federal government of Nigeria, in the face of dwindling oil revenue. The states governments are contesting the position of Federal Inland Revenue Services (FIRS) on collecting the VAT in their states, and demand that the states should be allowed to receives within their territories some taxes including VAT, Personal Income Taxes PIT and Stamp Duties. Required Discuss the impact of states revenue services, collecting these taxes instead of FIRS on the Nigerian economy.

NO PLAGIARIM PLEASE

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