Tax Committee Recommends VAT Hike: More Burden for Nigerians as Revenue-Sharing Formula Under Review

• Presidential Committee on Fiscal Policy and Tax reforms recommends an upward review of VAT
• Chairman of the committee, Taiwo Oyedele, suggests reviewing the VAT revenue-sharing formula
• Increase in VAT from 5% to 7.5% in February 2020
• Assurance that the increase will not affect the poor and small business owners
• Proposal to review state and local governments’ share of VAT revenue to 90% and reduce federal government’s share to 10%

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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