FG To Increase VAT – Finance Minister

 

The Minister of Finance, Mrs Zainab Ahmed, says the Federal Government will increase the Value Added Tax on some items in the course of the year.

Some of the items according to her, will include carbonated drinks as well as some luxury items.

She stated this on Wednesday at the launch of the Strategic Revenue Growth Initiative in Abuja, targeted at improving revenue sources for government.

Read Also: President Buhari Pledges To Take Proactive Steps In Ending Illegal Tax Collection

Ahmed said the move had become imperative as a result of the fiscal challenges the government is confronted with in providing infrastructure for its people.

She, however, noted that the increment will only be done after due consultation with the National Assembly.

“There will be a VAT increase. During the course of 2019, we will have clarity as to which items and what the rate will be and we will have to take a request to the National Assembly for amendment before it takes effect.

“There is also going to be luxury tax.

Already, there is luxury tax imposed on things like jets, yachts and few exceptional items that are classified as luxury and the Chairman FIRS will speak to that but we are contemplating increasing excise duties on carbonated drinks just like we have excise duties now on Tobacco and alcohol.

“But this is going to be a subject of study because we have to identify which ones will be affected and the best way in which to apply the taxes”.


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22 Comments

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  1. Things in the market are costing instead of the FG should reduce the price they are increasing it. Why

  2. MAN MUST SURVIVE THIS NIGERIA OOOOOO….. NO MATTER HOW HARD IT IS. I AM A PROUD NIGERIA

  3. Buhari promised change yet things become worst, now he is promising to stop illagal Tax Collection, he can not convince me to vote for him again

  4. That is fantastic favorite good work from the federal government thank you for the update

  5. I am not sure if increasing VAT will be the best idea o

  6. Instead of you guys to focus on how to build this country.Na to bring things when no concern us.

  7. Is that the solution to our problems?

  8. Thanks a lot for shearing this with us keep it up,

  9. They should focus on the problem we are having in this country…not all this…

    1. What are those problem we have???

  10. Do not pressurize them, it wil pass on to masses…

  11. what have they done with the current vat before they think of increment

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