Presidential Committee Proposes VAT Increase Amid Economic Struggles

• Presidential Committee on Fiscal Policy and Tax Reforms recommends an increase in Value Added Tax (VAT)
• Chairman of the committee, Taiwo Oyedele, suggests reviewing the VAT revenue sharing formula
• Proposal for VAT increase comes amid opposition to new taxes and levies
• Oyedele assures that the review will not affect the poor and small business owners
• Current VAT rate is 7.5 per cent, increased from five per cent in February 2020
• Unclear percentage of proposed increase, but concerns raised about impact on states’ revenue

Source: dailytrust.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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