- National Assembly considering executive bill to increase VAT from 7.5% to 10%
- Further increase to 12.5% in 2026 through 2029, and 15% in 2030
- Proposal to reduce Corporate Income Tax from 30% to 27.5% in 2025 and 25% in 2026
- Companies with less than N20 million turnover exempted from paying CIT
- Additional tax required if effective tax rate of a company is less than 15%
- Proposal made by Presidential Fiscal Policy and Tax Reforms Committee
- Former Vice-President Atiku Abubakar warns against further VAT hike
Source: thewillnews.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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