The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele yesterday justified the proposed move by the federal government to increase the value added tax (VAT), which is currently at 5 per cent to 7.5 per cent. He said the government was apparently left with no other option than to raise taxes to […]
Better to Boost Revenue By Raising VAT than Borrowing Read More »
The federal government recently increased the value added tax (VAT) from 5% to 7.5%.The increase has continued to generate mixed reactions. The organised labour and some economic experts have condemned the move in strong terms and described the increase as untimely, aimed at inflicting more pains on poverty-ravaged Nigerians. The NLC stated that the increase
The federal government shouldn’t increase Value Added Tax (VAT) just because Nigeria has the lowest VAT rate in the world as its economic conditions are not the same with countries with high VAT, the Association of National Accountants of Nigeria (ANAN) has said. The president of ANAN Prof. Muhammad Akaro Mainoma who spoke at the
Human Rights Lawyer, Femi Falana, has called on the Federal Government to propose a Money Bill to the National Assembly before the implementation of the increase in Value Added Tax. Falana told the News Agency of Nigeria in Abuja that the National Assembly erred by inviting the Minister of Finance and the Executive Chairman of
NASS must pass bill on VAT increase before implementation, Falana tells FG Read More »
Executive vice Chairman of Famfa oil has described the planned increased of the Value Added Tax (VAT) from its current 5 per cent to 7.5 per cent by the federal government as a threat to entrepreneurs in the country. The Federal Executive Council (FEC) had approved the increment of the VAT to 7.5 per cent
MIXED reactions on Thursday trailed the 7.2 per cent Value Added Tax (VAT) proposed by the Federal Executive Council (FEC). The Chartered Institute of Taxation of Nigeria (CITN) lauded the increase, saying it was long overdue. According to the institute, the proposal will help government to realise its developmental objectives. But, the Manufacturing Association of
Last week, the Minister of Finance announced the Federal Executive Council had approved an increase in VAT from 5% to 7.5%. Minister Zainab Shamsuna Ahmed also went further to explain that the government will be engaging with various stakeholders in a bid to get the increased passed into law by the National Assembly. As expected,
This thread exposed everything that’s wrong with Nigeria’s VAT Read More »
The Minister of Finance, Budget and National Planning, Zainab Ahmed, proposed that Nigeria’s VAT be increased from 5% to 7.2%. This has caused a lot of counterblast with labour unions and some experts protesting the proposal. What most people do not know is that Nigeria is one of the countries in the world with the
Dr Samuel Nzekwe, a former President, Association of National Accountants of Nigeria (ANAN), has advised the Federal Government to intensify efforts in implementing the five per cent Valued Added Tax (VAT) rather than increasing it. Nzekwe gave the advice in an interview with the News Agency of Nigeria (NAN) in Ota, Ogun, on Saturday. Nzekwe
The Centre for Social Justice on Thursday said the decision of the Federal Government to increase the Value Added Tax from the current rate of five per cent to 7.2 per cent would increase revenue needed to finance the budget. The Lead Director, CSJ, Eze Onyekpere, said this in a statement issued in Abuja. In
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