FG Denies Proposal to Increase VAT Rate: Committee Clarifies Reform Recommendations

• Federal Government denies proposing an increase in VAT rate
• Chairman of Presidential Committee on Fiscal Policy and Tax Reforms clarifies statements
• Committee proposes full input VAT credit for businesses, removing VAT on basic food, education, and healthcare items
• Proposals aim to reduce burden on businesses, protect the poor, and promote exports
• Proposals include harmonizing consumption taxes, adjusting revenue sharing formula, and enhancing VAT refund process
• Committee’s proposals are not yet government’s position, still under discussion with private sector.

Source: naijanews.com

Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.

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