Any increase in Value Added Tax, VAT, can only be productive if it is part of a broad fiscal strategy of rebalancing the tax mix in favour of consumption, and it will entail lowering the company income tax. Doing otherwise in an economy that is grappling with double-digit inflation, weak growth and high rate of unemployment, will jeopardise government’s efforts at revamping the economy.
Yes, I see a crawling increment in the prices of goods and services because producers will want to make profit and they will take it out on their consumers. It would lead to shortage in demand. It would affect all parties.It would lead to an increase in the price of goods and services because an increase in VAT would in turn lead to an increase in the cost of production and when the cost of production is high, the prices of goods and services also go up.
Increase in VAT is not bad because government needs money. Where trust in government exists, there should be no fear, but the purchasing power of Nigerians is low so an increase in VAT would mean increase in prices of goods and services, thereby nullifying the gains of minimum wage. Government should increase VAT on non-essential goods and services like cigarette, wine, and luxury cars among others.
Source: Law Daily Report (lawdailyreport.net)
vanguardngr Robbery in broad day light. All this just so they can keep grabbing all they want to grab, why can't they downsize NASS payment? After all the gap between their take home and common salaries is huge enuf.
vanguardngr Y are we all complaining? Nigeria is a fraud. I except myself and family from anything that has to do with whatever that will bring hardship to the masses. Some are still enriching themselves under this platform. Chai! There is God o. What shall we tell the leaders of this nation
vanguardngr nextlevel
vanguardngr Show us a link to this news to first know if the FG says its going to review VAT upwards. A thread by FIRS says otherwise.
vanguardngr The Bible's maxim of 'to whom much is given, much is expected' should apply. Can the government - (for the sake of argument) honestly say it has given Nigerians anything, no matter how small? Why adding to an already heavy burden Nigerians are daily made to bear?
vanguardngr Can u talk about something else pls? in fact am still surprised u people that meant to b furnishing us with information have no idea the rumor has been debunked so why bothering urself on it. Pls do something else jor
vanguardngr Free access to anarchy and civil unrest
vanguardngr It's wickedness. Buhari promised to be tough! That's it.
vanguardngr Increasing VAT will take away the little common man struggled to get. Directly or indirectly the masses will pay, rather than this insensitive increament of VAT, they should have Luxury Taxes for those who buys luxury vehicles and private jets
vanguardngr Wickedness
vanguardngr Good idea!!!
vanguardngr why do you want to mess up what you FG did good? you can get the minimum wage paid by downsizing the NASS take home pay than increasing the vat
vanguardngr The “government” if one exist in Nigeria which I doubt, don’t care. Nigeria doesn’t have a functioning government though.
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