FG Proposes VAT Increment From 5% To 7.2%

Zainab Ahmed.

Zainab Ahmed.

 

THE Federal Government has proposed an increase of the Valued Added Tax, VAT from five per cent to seven point two per cent.

The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed disclosed this while briefing State House Correspondents after the Federal Executive Council, FEC meeting presided over by President Muhammadu Buhari at the Council Chamber, Presidential Villa, Abuja.

The minister said that the increase will only start after the VAT Act is amended by the National Assembly and after consultations with the state and local government areas as well as the Nigerian populace.

According to her, “Our projection is to finish consultations early enough so that it takes effect in 2020.”

 

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