- Presidential committee on fiscal policy and tax reforms suggests increasing Nigeria’s VAT rate
- VAT rate currently at 7.5%, needs to be adjusted upward
- VAT revenue-sharing formula to be reviewed
- Economy is over 50% in services, prompting VAT increase
- Food, education, medical services, and accommodation to have zero VAT
- Proposed to adjust state and local government’s share of VAT revenue to 90%
- Federal government’s share of VAT revenue may be reduced from 15% to 10%
- VAT should be burdened on the ultimate consumer
- Committee aims to make VAT reform transparent and neutral
Source: businessday.ng
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.
