The national assembly is considering a bill proposing an increase in the value-added tax (VAT) from 7.5 percent to 10 percent.
In the executive bill seen by TheCable on Sunday, the national assembly is seeking to raise the tax rate to 10 percent by 2025.
AdvertisementHowever, Wale Edun, minister of finance, on September 9, said the VAT rate has not been unchanged.
In February 2021, the International Monetary Fund (IMF) had advised the federal government to raise the VAT rate to at least 10 percent by 2022.
AdvertisementHe said the tax rate should drop from 30 percent to 25 percent to encourage businesses and investors.
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