The Nigeria Employers’ Consultative Association , has cautioned against the planned increase of VAT by federal government. This is in reaction to indications that government might increase VAT to enable it pay the minimum wage, which has recently been passed by the National Assembly.
Reacting to this development, Mr. Timothy Olawale, director-general of NECA stated that “the review of VAT as being proposed was not the only option opened to government to fund the new National Minimum Wage. Besides, the planned increase would erode the gains of minimum wage for low earners, and further weaken their purchasing power, among others.
” Speaking in Lagos, the NECA Boss lamented that the planned increase of VAT would have far reaching implications for Manufacturers, Businesses and Consumers alike. He expressed “Manufacturers and Businesses are already saddled with several challenges, such as infrastructural decay, power, etc. “Some companies are closing shops due to some of these challenges while others are still struggling to stay afloat. The proposed increase in VAT would definitely lead to an increase in the cost of doing business, and would likely be passed to the consumers whose purchasing power is already
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NECA cautions against VAT increase – Daily TrustThe Nigeria Employers’ Consultative Association (NECA) has cautioned against the planned increase of Value Added Tax (VAT) by the Federal Government. NECA is the umbrella body of the organized private sector and the voice of business in Nigeria.ADVERTISEMENT The Federal Government had on Tuesday indicated that it might increase VAT to enable it pay the …
Source: Daily Trust - 🏆 13. / 51 Read more »
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FG may increase VAT to pay new minimum wage – Budget ministerWhat's VAT Next Level my guys♂🤷🏽 Why can’t senators/Hon salaries and their unnecessary bonuses be drastically cut down. Honestly. they don’t deserve what they earn.
Source: MobilePunch - 🏆 8. / 63 Read more »
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FIRS to Nigerians: Be ready for VAT increase – Daily TrustThe Federal Inland Revenue Service (FIRS), on Tuesday, urged Nigerians to brace for an increase in Value Added Tax (VAT) by between 35 and 50 per cent in 2019. This will raise the VAT from the current five per cent to between 6.75 and 7.25 per cent.ADVERTISEMENT The Chairman of FIRS, Mr Babatunde Fowler, dropped … How about luring investors? That will equally come with super inflation.
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Minimum wage: FG mulls 50 percent hike in VAT, others - Daily Post NigeriaThe Federal Government, Tuesday, said it was considering 50% increase in Value Added Tax (VAT) to be able to pay the new national minimum wage currently be Nobody is talking about the effect on the large % of Nigerians that are not on government payroll.
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