If the Senate approves the proposal, VAT will rise from the current five per cent to between 6.75 and 7.25 per cent, with implications for prices of goods and services, which are expected to rise, spiking inflation and depressing consumer spending.
Indeed, the latest inflation figures by the National Bureau of Statistics show that the Consumer Price Index decreased to 11.31 per cent in February from 11.37 per cent recorded in January, while on a month-on-month basis, the headline index decreased to 0.73 per cent by 0.01 per cent points from 0.74 per cent recorded in January.
“I can certainly see an increase in VAT of at least 35 per cent to 50 per cent this year, based on our enforcement activities. There certainly will be an increase in Company Income Tax and also on Petroleum Profit Tax .”Reacting to the development, the Manufacturers Association of Nigeria described the move as one that would compound the economic woes of the nation.
Meanwhile, the Senate yesterday passed the new minimum wage bill, which pegged the salary for the lowest category of workers in Nigeria at N30,000.It called for a review of the Revenue Sharing Formula , a move state governments say would give them greater financial power to implement the new wage.
if VAT is increase the government should be able to provide comfort in infrastructures and not the poor paying for what they are not using
How can you ask me to pay before my salary will be increased? I then do not see the reason for implementing the 30%thing if I have to pay value added tax to get the money paid to me. This is absolute non sense as far as I am concerned . Nigeria has enough to pay her workers.
This one na part one, may God help us with this next level thing.
I support no to increase in vat
Nothing like that?
As oil minister, youake a loss of N136 billion in 2018 alone!! And now you want to increase VAT ? You cud not manage our Resources,and yet we have to pay for ur incompetence!! Now that's a real zoo !
We saw it coming and warned them. They didn’t listen. They must enjoy the ride with the tiger
This is a lazy way to raise revenue don't expect much from the bank clerk now CBN Governor.
He wants a revolution let him try it and see if Nigerians will not roll out on the streets it's not by saying it's by doing let him try it and see what will happen he can only reap where he has down period
Its 20% in the UK, higher in other western and African countries. What's the fuss?
This is one of the lowest VAT rates in the world, if not the lowest. How do we expect development if people don't pay their taxes. Scaremongering headline from the Nigerian media houses is ridiculous.
oluwaloninyo It's only God dat will help us
I earlier said PMB's next level 'll be an unprecedented hardship No wonder few sponsored fools jubilated in some parts of Nig others are sad
If the increase in the level of VAT does not corresponds to what we receive from the Government it leads to a vicious cycle of poverty.
Fowler at work to recover D stolen money he use to sponsor Buhari's election.Fowler was a key sponsor both in dollars, pounds&Euro during Buhari's campaign&election period use to bribe INEC officials&mobilize vote buying.Fowler's was a constant visitor in Aso rock during election
Naija is one of the countries that charges low vat in the world...check it out
Dubious propaganda.
🤣🤣🤣. Correct. Next Level people. The beginning hasn't even started
How can you keep taking from people you have not given anything. Exploitation is not Governnance. Garbage in Garbage out.
You forgot to add your FAVORITE word 'OUTRAGE' whenever you report on PMB
Next level i see...hmmm
What about the huge cost of governance? Can't it be reduced to make up for some of these things? Certainly the tough times declared is for the masses to bear.
next level hardship.
VAT cannot remain at 5% forever
Nigerians 🤪🤪🤪
If this will help fund the new 30k wage bill, as far as the man in charge has got integrity, no hassle. Most Nigerians will buy it
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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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Prospects as Nigeria Grows VAT Revenue - THISDAYLIVEBusiness/EconomyPAGE The contribution of value added tax to Nigeria’s revenue base has witnessed a consistent growth in the last six years. Given the trend, taxation on goods and services consumed by Nigerians should become a major source of revenue for government to drive growth and development in the near future, writes Bamidele Famoofo Revenue There …
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Govt mulls VAT increase - The Nation NigeriaNIGERIANS were yesterday told to brace for a possible increase in the Value Added Tax (VAT).VAT, now five per cent, is undergoing
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Med-View CEO urges implementation of VAT waiver for airlines – Daily TrustThe Managing Director/CEO of Med-View Airline Plc, Alhaji Muneer Bankole, has called on the Federal Government and its relevant agencies to fast-track the implementation of the exemption granted domestic airlines from payment of Value Added Tax (VAT). Daily Trust reports that the Federal Executive Council (FEC) had issued an executive order nine months ago to …
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