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
Latest Posts in "Nigeria"
- Nigeria Abolishes 5% Telecom Excise Duty to Boost Affordability and Service Standards
- Nigeria Abolishes 5% Excise Tax on Telecommunication Services
- Nigerian Tax Authority Extends E-Invoicing Deadline for Large Taxpayers to November 1
- FIRS Extends E-Invoicing Compliance Deadline for Large Nigerian Taxpayers to November 2025
- New Tax Reform Act 2025 Threatens Survival of Nigerian Airlines, Warns Air Peace Chairman