Featured
Your bank savings at risk as FG increases VAT by 50 %
As the federal government go aggressive in revenue generation, the consequence will most significantly bear down on Nigerians’ savings because the value added tax on good and services is now up by 50 percent.
Finnce Minister Zainab Ahmed said this Wednesday while briefing State House correspondents after the Federal Executive Council, FEC, meeting presided over by President Muhammadu Buhari.
According to her, the VAT will be moved from 5 percent to 7.2 percent.
Ahmed, however, said that the increase will take effect after the VAT Act is amended by the National Assembly and after consultation with stakeholders such as states, local councils, the private sector among others.
“Our projection is to finish consultations early enough so that it takes effect in 2020.”
The NASS will soon debate the proposal.
VATs are usually taken to reduce consumer savings and force them to spend as goods and services producers jack up their prices, and pass the increase to buyers.
-
News3 days agoFRSC opens 2026 nationwide recruitment, online applications begin July 3
-
Football1 week agoAfrica breaks World Cup record with seven teams in knockout stage
-
Entertainment5 days agoActress Cossy Ojiakor shares flooded home as heavy rainfall wreaks havoc in Lagos
-
Business3 days agoMRS slashes petrol price by N50/Litre as Dangote Refinery cuts fuel costs
-
Business7 days agoLogistics bottlenecks threaten Nigeria’s economic growth, industry leaders warn
-
Business6 days agoInflation, high interest rates loom as FG credit hits N40.38tn
-
Business6 days agoJetour Nigeria reinforces commitment to efficiency, reliability with X70 PHEV
-
Business3 days agoBREAKING: CBN revokes licences of 46 Microfinance Banks in major regulatory crackdown