Oyedele clarifies comment on alleged plan to increase VAT

The chairman of the presidential committee on fiscal policy , Taiwo Oyedele , has highlighted reforms needed in Nigeria 's Value Added Tax system. Oyedele was quoted in a report to have said at an event on Monday that there is a need to increase Nigeria ’s VAT rate which currently stands at 7.5 percent. However, Oyedele in…

However, Oyedele in a statement on Wednesday said he was quoted out of context to suit the objective of the author and highlighted the issues with Nigeria’s VAT system.The issues, according to Oyedele, include Nigeria’s VAT system placing a huge burden on businesses as they are not allowed to claim the input VAT incurred on services and assets.

To address the above identified problems, Oyedele said that the presidential committee on fiscal policy is proposing some reforms including full input VAT credit for businesses. “Remove VAT on export of service and intellectual property to promote non oil exports. Increase the threshold for VAT exemption for small businesses.”

“At the same event, we discussed other proposals to reduce companies income tax rate, increase exemption threshold for personal income tax etc but of course will not make the news,” he added.Before flagging, please keep in mind that Disqus does not moderate communities. Your username will be shown to the moderator, so you should only flag this comment for one of the reasons listed above.

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Presidential Committee On Fiscal Policy Taiwo Oyedele Value Added Tax (VAT)

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