FG To Increase VAT From 5% to Between 35-50% to Pay New N30,000 Minimum Wage

1 year ago by: kacy lee
(f) at 20-03-2019 07:31AM (1 year ago)

(26745 | Addicted Hero)

Minister of Budget and National Planning, Senator Udo Udoma, and the Chairman of the Federal Inland Revenue Service, Mr Babatunde Fowler, on Tuesday said the Federal Government was considering an upward review of the Value Added Tax by 50 per cent.

Udoma and Fowler who stated this on Tuesday when they appeared before the Senate Committee on Finance, said the increment was to, among others, enable the Federal Government to fund the new national minimum wage.

Fowler, who said the FIRS’ goal was to achieve an N8trn revenue generation target this year, also said the 50 per cent increment would affect the Company Income Tax and the Petroleum Profit Tax.

kamelojr (f) at 20-03-2019 08:22AM
(90 | Newbie)

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kp45 (m) at 20-03-2019 08:27AM
(10393 | Hero)

I saw it coming.
kp45 (m) at 20-03-2019 09:03AM
(10393 | Hero)

Robbing from a person and giving it back to same person I  laugh.
maxzy277 (m) at 20-03-2019 09:10AM
(3577 | Gistmaniac) Online

Why can’t they focus on the rich to pay more taxes than pouring their angers on poor citizens
Makodama (m) at 20-03-2019 11:50AM
(679 | Upcoming)

Why can't FG and the law makers(politicians) propose a slash in their salaries  by 3% only?I guess that'll bring in more money than increasing VAT by 50%.Biscuits,bread,satchet water,cigarettes and alcohol are already expensive,how more expensive do you want it to get by increasing VAT?
Brave5500 (m) at 20-03-2019 05:57PM
(972 | Upcoming)

D most foolish government in d world r Nigeria government... law makers earn #35,000.000.00 a month that's is 37yrs minimum wage for ordinary Nigerians... America president earn #10,000.000 ie 3times our lawmaker payroll Abah think nah Buhari I kno u r not educated to govern Nigeria just resign A*#S