VAT: FG says it proposed 7.5% raise, not 7.2%
The Special Adviser, Media and Communications, to the Minister of Finance, Budget and National Planning, Yunusa Abdullahi, said in a statement that the proposed VAT increase “from 5 percent to 7.5 percent is sequel to the recommendation of the Presidential technical advisory committee.He said that the VAT increase, if correctly implemented, could bring in huge revenues, which would actually reduce the fiscal deficit burden.
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