Presidency reveals fresh plan to increase VAT rate

The presidency, through its Committee on Fiscal Policy and Tax Reforms, has announced that there is a need to increase the value-added tax rate.

According to section 40 of the VAT Act, the federal government gets 15 percent of the tax revenue, states share 50 percent, and local governments share the balance of 35 percent. Oyedele said the committee proposed adjusting the sharing formula for VAT because it is a tax of the states.

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