The Federal Government of Nigeria has affirmed that the Value-Added Tax (VAT) rate remains at 7.5%, refuting reports suggesting an increase to 10%.....CONTINUE READING THE ARTICLE FROM THE SOURCE
Lamenting that recent reports about a possible increase have conveyed the impression that government is out to make life difficult for Nigerians, Minister of Finance and Coordinating Minister of the Economy, Wale Edun, reiterated that as of now, only 7.5% rate will be charged on all VAT-applicable goods and services. “The current VAT rate is 7.5% and this is what government is charging on a spectrum of goods and services to which the tax is applicable. Therefore, neither the Federal Government nor any of its agencies will act contrary to what our laws stipulate,” Edun said. In the statement, Edun stressed that the government’s focus is on using fiscal policy to promote strong and sustainable economic growth, reduce poverty, and create a conducive environment for businesses to thrive. He cited how the government recently ordered the stoppage of import duties, tariffs, and taxes on certain food items to bring relief to Nigerians and businesses.
