FG to make N2 trillion in 2020 from increased VAT | The Guardian Nigeria News - Nigeria and World News

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“The situation will result in lower consumption and a decline in growth rate.” Nigeria

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• Seek exemptions for foods, education, primary healthcare

The Nigerian Bureau of Statistics put the VAT pool in 2018 at N1.1 trillion, while the Federal Inland Revenue Service has already generated more than N600 billion in the first half of 2019.Going by the NBS 2018 figures, the recent increase in VAT from five percent to 7.2 percent , representing 44 percent increase, is expected to generate additional N484 billion yearly.

“To limit the impact of the increase, the government should exempt or zero rate essential consumptions like foods, education and primary healthcare, and create a VAT registration threshold to eliminate VAT compliance burden for small businesses with annual turnover of less than equivalents of N13million, like in Ghana, N17 million in Kenya and up to N23 million in South Africa.

“The way forward is to ensure that all persons liable to VAT, collect and remit the same to the appropriate authorities. While we take note of the arguments about the harsh economic conditions and how the increase would impose hardship on the poor, we note that all Nigerians ought to make sacrifices, considering Nigeria’s parlous fiscal condition.

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To increase Nigeria Government revenue, all taxes including custom duties should be reduced not increased. This will give incentive to more people to pay up and not bribe collection officials to use their office to reduce official duty to Government treasury

Who is the economic adviser to the FGN?

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