The Nigeria Employers’ Consultative Association has said the implementation of the 7.
2 per cent Value Added Tax approved by the Federal Executive Council will make nonsense of the recent increase in minimum wage.
NECA, in a statement on Thursday, cautioned the Federal Government against the timing of the announced increase of VAT from five per cent to 7.2 per cent, which was approved by the Federal Executive Council on Wednesday. He said since the purchasing power of the citizens would be reduced, sales of goods and services would reduce and inventories for business would be high, adding that this could lead to closure of businesses that ought to be supported by government in reducing the alarming unemployment rate in the country.
Nigeria Latest News, Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
FG increases VAT to 7.2%.................................................Nigeria News - THE Federal Government has proposed an increase of the Valued Added Tax, VAT from five percent to seven point two percent.
Read more »
Buhari, ministers approve increase in Nigeria's VAT - Premium Times Nigeria“WeBuhari, ministers approve increase in Nigeria's VAT also reported to council and council has agreed that we start the process towards the increase of the VAT rate.'
Read more »
FEC approves N10.07trn 2020 Budget proposal, raises VAT to 7.2% – Daily TrustThe Federal Executive Council (FEC) on Wednesday approved N10.07trillion 2020 Budget proposal for onward transmission to the National Assembly for consideration and approval. The Minister of Finance, Budget and National Planning, Hajiya Zainab Ahmed, made this known when she briefed State House correspondents on the outcome of the meeting of the Council which was presided …
Read more »
FEC approves 7.2% as new VAT
Read more »
Nigerian govt set to increase VAT, reveals new rate, take-off period - Daily Post NigeriaThe Nigerian government has proposed an increase of the Valued Added Tax, VAT, from 5 percent to 7.2 percent. Minister of Finance, Mrs. Zainab Ahmed, said
Read more »
FG To Increase VAT From 5 to 7.2 PercentFG To Increase VAT From 5 to 7.2 Percent.
Read more »