Govt mulls VAT increase
VAT, now five per cent, is undergoing review, after which it may attract between 35 and 50 per cent increase, it was learnt.
“Nigerians should be ready for increase in VAT before the end of the year. VAT is higher in other countries, including Ghana and many others. There should be increase in rate but not immediately,” Fowler said. The country’s chief tax officer put tax revenue for 2018 at N5.3 trillion; N4.03 trillion in 2017; and N3.31 trillion in 2016.Fowler said: “By the end of this year, we should be ready for increase in VAT. A lot of Nigerians travel to Ghana and other West African countries and they can see that theirs is much higher. And they pay when they go for those trips. We should be ready for an increase on VAT.
But financial experts have cautioned the government so that the reason for raising the VAT will not be counter productive. According to Obire, VAT should be exempted on products that affect the poor as it will make them poorer and worsen their economic conditions with increased prices of goods and services.
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