Nigeria’s Presidential Fiscal Policy and Tax Reforms Committee has reportedly proposed an increase in the standard VAT rate from 7.5% to 10% with effect from 1 January 2025. The standard rate was last increased from 5.0% to 7.5% on 1 February 2020. In addition to the standard rate increase, the Committee has also proposed the elimination or reduction of VAT on essential items like food, housing, and public transportation.
Source Orbitax
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