Real estate sector paid N70bn VAT in five years – Report

Value Added Tax generated from the construction and real estate sector rose by 124 per cent from N10bn in 2018 to N22.45bn in 2022.

Since the review of the VAT rate, Nigeria’s revenue from VAT collection has doubled. Meanwhile, the N2.51 trillion recorded in 2022 is the highest on record.

Reacting in an earlier interview, the Director of the Centre for the Promotion of Private Enterprise, Muda Yusuf, called for a review of VAT, especially in light of all the challenges that businesses were facing.

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