VAT: What you need to know about ‘proposed increase’ from 5% – 7.5%
· Materials and equipment imported for use in downstream gas activities.
However, the increment of Value Added Tax from five per cent to 7.5 per cent have continued to spark up mixed reactions from financial analyst and Nigerians at large. Ahmed said the decision will be communicated to the National Assembly for consideration alongside the 2020 Appropriation Bill.Almost every Nigerian can attest to the fact that the cost of living is currently higher than it was in previous years.
If the Value Added Tax increased to 7.5 per cent is implemented, it is expected to generate not less than N2trillion into the government treasury in 2020. Egypt holds 14 per cent while Ghana and Botswana have 12 per cent sales tax. Somalia and Angola alongside Djibouti and Comoros all have 10 per cent sales tax rate.
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