Under the budget proposals, expenditures are expected to be financed in part by additional revenue that would be derived from a proposed increase in the value added tax (VAT) rate from 5% to 7.5%.
Read more: KPMG
From 1 January 2020, the Federal Inland Revenue Service (FIRS) will introduce withholding value added tax at 5% on all e-commerce goods and service transactions.
Nigerian President Muhammadu Buhari delivered the 2020 Budget Speech at the joint session of the National Assembly on 8 October 2019.
With its realisation of the futility of heavy reliance on oil revenue, Nigeria is taking giant strides to refocus its revenue generation strategy by in focusing more on non-oil revenue to alternative sources. Read more:...
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