FG Says It Has No Plans To Increase VAT Again

The federal government of Nigeria has said it has no plans to increase Value Added Tax (VAT) again.

VAT

The minister of finance, Zainab Ahmed stated this when she appeared before the Senate committee on finance on Thursday.

The federal government had in 2019, presented a bill proposing an increase in VAT from 5 to 7.5 per cent.

Dismissing claims of an imminent increase in VAT and other taxes in the proposed Finance Bill to be presented to the National Assembly soon, the minister said;

“There will be no increase in VAT or any form of taxes because we see 2021 as a year of recovery – not only for government but businesses as well.”

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