Guest Join UsHey Guest,
Welcome, Join our awesome community where you can discuss on various topics :-
Some point about your community
Some point about your community
Some point about your community
Some point about your community
Some point about your community
Some point about your community
Some point about your community
Much More.. or Create an Account

Thread Rating:
  • 0 Vote(s) - 0 Average
  • 1
  • 2
  • 3
  • 4
  • 5
FG Raises VAT To 7.2%. To Seek National Assembly Approval
Quote:The federal executive council (FEC) has approved an increase in value added tax (VAT) rate from 5% to 7.2%.

Zainab Ahmed, minister of finance, budget and national planning, disclosed this to state house correspondents at the end of the cabinet meeting on Wednesday.

However, this is subject to an amendment of the VAT act of 1994 by the national assembly.
VAT replaced the sales tax in 1994 and was pegged at 5% by the military government of Sani Abacha.

In 2007, former president Olusegun Obasanjo increased VAT to 10% on the eve of his departure from office but it was reversed by his successor, Umaru Musa Yar’Adua, following opposition from labour.

Wednesday’s FEC meeting, which started at 11am and ended at 6:12pm, was presided over by President Muhammadu Buhari.

Ahmed said FEC directed immediate consultations with states, local governments and other relevant stakeholders before the new rate takes effect in 2020.

[Image: 10208882_images80_jpeg_jpeg511afcb950d7d...122efe65b5]

Possibly Related Threads...
Thread Author Replies Views Last Post
  Sirika intensifies case for national carrier establishment Edoman 39 1,637 Yesterday, 08:46 AM
Last Post: fakaza download
  Employers seek buffer for businesses to avert job losses Edoman 0 9 03-28-2020, 12:27 PM
Last Post: Edoman
  Airline operators okay ban, seek flight restriction to Lagos, Abuja airports Edoman 1 24 03-21-2020, 12:30 PM
Last Post: Edoman
  Plan To Fly National Carrier Still On Course – Minister Edoman 0 30 02-20-2020, 01:17 PM
Last Post: Edoman
  MPC raises concerns as debt service gulps N2.45tr Edoman 0 35 02-13-2020, 10:20 AM
Last Post: Edoman
  National carrier, infrastucture top agenda for 2020 Edoman 0 67 01-10-2020, 10:46 AM
Last Post: Edoman
  Nigeria, U.S. seek deeper ties as trade volume hits $6.5 billion Edoman 0 114 12-13-2019, 03:24 PM
Last Post: Edoman
  ‘We’re yet to receive any document on airports concession, national carrier’ Edoman 0 111 12-09-2019, 10:48 AM
Last Post: Edoman

Users browsing this thread: 1 Guest(s)


About contripeople

Contripeople forum description.

              Quick Links

              User Links