Between January and December 2019, the Federal Government generated the sum of N1.17tn from Value Added Tax. When compared to the target of N1.
7tn set by the Federal Government in the 2019 budget, the amount represents a shortfall of about N530bn.
In the third quarter of the year, VAT revenue also witnessed a decline of N4.62bn from N295.49bn in the second quarter to N290.87bn in the third quarter. The 7.5 per cent VAT rate, which the government started implementing on February 1 is being planned to generate about N2.08tn revenue in the 2020 fiscal period.
With the Act, it is expected that there will be more revenue to finance key government projects, especially in the areas of health, education and critical infrastructure. He said any business that failed to obey the tax law would have to face the wrath of the tax authorities.
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