NLNG Corporate Respect banner First bank FinTech summit Fidelity bank card banner Emerald Energy Institute Camano banner

Breaking: FG raises VAT to 7%

By Juliana Taiwo-Obalonye, Abuja on 12/09/2019

Gmail icon

Views: 631

•Finance, Budget and National Planning Minister Ahmed
•Finance, Budget and National Planning Minister Ahmed

The Federal Executive Council (FEC), presided over by President Muhammadu Buhari has approved a two per cent increase in Value Added Tax (VAT) to move it from five to seven percent, The Sun reports.

Minister of Finance, Budget and National Planning, Zainab Ahmed, made this disclosure while briefing State House Correspondents at the end of the meeting which started at 11a.m and ended at 6:12p.m.

Ahmed, however, said the implementation will not start until the approval by the National Assembly after the VAT Act is amended.

The council directed immediate consultations with states, local governments and other relevant stakeholders before it will take effect in 2020.

Recall that in June this year, THISDAY reported that Mrs. Ahmed said that the Federal Government was planning to increase the rate of value-added tax (VAT) to 7.5 per cent from the current five per cent by 2020.

This is as the government seeks to shore up falling revenue.

Speaking at the Bloomberg Emerging & Frontier Forum in London, the former minister, whose tenure ended with President Muhammadu Buhari’s first term on May 29, said that her main preoccupation while in office was how to raise government’s revenue with only 55 per cent of targets being met.

She said: “We have developed a strategic revenue growth initiative, which we have started to implement.

“Our target is to increase revenue to 65 per cent minimum in 2019 so that in the next three years we are able to attain 80-85 per cent of our revenue target.”

However, earlier plans by government to increase VAT had been vehemently opposed by Nigerians.

 

Source News Express

Posted 12/09/2019 05:24:27 AM

 

 

CLASSIFIED ADS

 

You may also like...
Osimhen breaks into Super Eagles as Rohr names...

Nigeria has 60m illiterates, says Education Minister

Certificate Scam: APC chieftain defends Kwara Governor-elect

Ban on granting of remand orders to EFCC...

Boko Haram: No one will end insurgency but...

Killings: Military chiefs storm Katsina on Buhari’s order...

Okonjo-Iweala battles Soludo •Dismisses ex-CBN Governor as a...

National Security: Air Force graduates 1,498 recruits

DSS nabs ISIS Recruiter, other terrorists •Aborts planned...

Okowa, Ibori honoured as National Patrons of Nigeria...

Man pays N42m tithe to Benue church

Lagos explosion: 10 more victims confirmed dead

 

Latest News Big setback for Boko Haram as troops capture top commanders, several members EFCC operatives arrested over plot to smuggle Pension chief, Maina, out of custody Soldiers gun down 3 kidnap suspects in Rivers 4 Amnesty Programme beneficiaries bag First Class degrees •19 others shine at ABUAD Convocation Ceremony UI hands over six workers to DSS for exam malpractices 2023: Isuikwuato monarchs demand Abia governorship slot Minimum Wage: Labour threatens action against employers RUGA: HURIWA challenges Presidency, National Assembly on its implementation despite widespread rejection by Nigerians •Accuses UNDP of subterfuge JAMB clarifies instruction on use of NIN for 2020 UTME Two children die as flood sacks Ondo community Magu seeks collaboration of security agencies to tackle money laundering Court to decide on new Kano emirates Nov. 14

 

Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (552,561 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (448,012 views) Shameless Genevieve Nnaji exposes breasts in public (395,777 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (331,225 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (299,585 views) 10 cars more expensive than Jets (266,644 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (256,421 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (253,825 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (235,351 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (221,516 views) Lagos plane crash: Journalist releases victims’ names (198,932 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (196,062 views)

 

CBN milk production

CBN banner advert

UBA Wise Savers Promo

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (105) Business & Economy (4,505) Business Verdict (85) Columnists (1,131) Complaints & Requests (97) Enterprise & Opportunities (218) Entertainment (693) Features (838) Global Business Monitor (471) ICT Monitor (66) International (4,104) Interview (205) Live Commentary (30) Love Matters (174) Maggie's Blog (456) News (52,955) Opinion (1,402) Pidgin (17) Politics (11,593) Religion (1,112) Sports (2,198) Stock Watch (39) AMA & Al Jazeera Global Update

 

 

 

 

 

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera