News
Increase VAT from 7.5% to 10%, Minister of Finance appeals to the incoming administration
The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, has urged the incoming administration to increase the Value Added Tax (VAT) from the current 7.5 per cent to 10 per cent, saying this would stimulate the country’s economic growth.
The minister made the call during a courtesy visit to the headquarters of VON in Abuja. Ahmed said: “VAT was one of the ways to increase revenue and we still have to increase VAT because at 7.5 per cent, Nigeria has the lowest VAT rate in the world, not in Africa, in the world.
In Sub-Saharan Africa, the Africa average is 18 per cent, when you increase your VAT, your Gross Domestic Product (GDP) will grow.”
She noted that the government had used the finance bills to block leakages, strengthen the Federal Inland Revenue Service (FIRS) and the Nigeria Customs Service adding that the government has also done automation of the two institutions through the process.
-
Latest6 days agoLagos NURTW organising secretary Toba Ajiboye dies after gunmen attack
-
Aviation1 week agoNCAA, NAMA disagree over proposed revenue sharing formula
-
Business1 week agoNCC unveils cost-sharing framework to boost broadband rollout, end repeated road excavations
-
Business4 days agoCBN targets $12bn annual Diaspora inflows to boost FX liquidity
-
Maritime1 week agoLicensed port agents back FG’s Green Tax on imported vehicles
-
Politics1 week agoAjeromi: NDC vows even distribution of prosperity amongst Nigerians
-
Business4 days agoSEC launches nationwide campaign to help investors recover unclaimed dividends
-
Latest1 week agoAPC unveils Lagos Assembly candidates, leaves out 12 incumbent lawmakers