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Nairaland Forum / Nairaland / General / Politics / FG To Increase VAT To 10% (24136 Views)
Adeosun: 55% Of Nigeria’s VAT Is From Lagos / IMF Loan Wahala Continues: VAT To Double To 10%!! / FG To Increase VAT From 5% To 10% (2) (3) (4)
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FG To Increase VAT To 10% by Nobody: 8:39pm On Aug 07, 2015 |
Nigeria plans to double the value-added tax rate to 10 per cent this year to help shore up government revenue eroded by the declining price of oil, the country’s main export, the Federal Inland Revenue Service said. “The plan is to increase to 10 percent this year, but we have to consult first with relevant stakeholders,” Sunday Ogungbesan, Acting Executive Chairman of the FIRS, told reporters. Nigeria depends on crude exports for about 70 per cent of government revenue and more than 90 percent of foreign exchange. The price of Brent crude has dropped by more than half since peaking in June last year, undermining President Muhammadu Buhari’s ability to deliver on his election promises since he took office in May. FIRS will put more effort in meeting targets after its collection of 1.97 trillion naira ($9.9 billion) in revenue in the first half fell short of a goal of 2.29 trillion naira, Ogungbesan said. “If we achieve our revenue targets, to a great extent government deficits will be reduced,” he said. “Our plan is to bring every business into the tax net, this economy can survive outside oil,” he noted. www.vanguardngr.com/2015/08/fg-to-increase-vat-to-10/ |
Re: FG To Increase VAT To 10% by ladyF(f): 8:40pm On Aug 07, 2015 |
Nooo impossible. The economy is hard enough for the common man already. Fuel price never come down. We go still buy fuel for gen and transport. Big NO. [size=20pt] LadyF [/size] and nairalanders strongly object. 46 Likes 1 Share |
Re: FG To Increase VAT To 10% by kulobyno: 8:47pm On Aug 07, 2015 |
What d fvck. The 5percent has been an issue to biz men like me when applying for Tax Cearance. When you calcukate Vat for customers they scream. now 10 percent is nightmare. #ishouldbeinghana .Ghana has a VAT Of 17.5% Chai!!! *runsbacktonigeria* 16 Likes 1 Share |
Re: FG To Increase VAT To 10% by CR77(f): 8:47pm On Aug 07, 2015 |
No No No things would become expensive Is this the change? 16 Likes 2 Shares |
Re: FG To Increase VAT To 10% by CR77(f): 8:47pm On Aug 07, 2015 |
Ode ladyF: 9 Likes 1 Share |
Re: FG To Increase VAT To 10% by presentley: 8:48pm On Aug 07, 2015 |
Change!! 11 Likes 3 Shares |
Re: FG To Increase VAT To 10% by Nobody: 8:48pm On Aug 07, 2015 |
a |
Re: FG To Increase VAT To 10% by CR77(f): 8:48pm On Aug 07, 2015 |
presentley: 4 Likes |
Re: FG To Increase VAT To 10% by writetopoker: 8:48pm On Aug 07, 2015 |
confused govnment, rubbing peter to pay paul. Stressing d already weak economy. Is dis d employment?, secuirity?, 5k unployed payment? N1to$1? Gud roads? Etc idiotic presdo, confused pedophila 29 Likes 5 Shares |
Re: FG To Increase VAT To 10% by Titto93(m): 8:48pm On Aug 07, 2015 |
All these money you people are sharing, there is God oooh - In patience voice More likes for PEJ, if really miss her (because by now, more jokes would have been updated) 6 Likes |
Re: FG To Increase VAT To 10% by januzaj(m): 8:48pm On Aug 07, 2015 |
ok Buchukwu:Oloriburuku omo ................it's your region that is zoo in Nigeria......you people are Animals............Indonesia.. Malaysia.... China... are killing you guys....buh ....you keep on pushing drugs....only Animals behave the way you do....especially goats...if a goat is punished for doing something bad....it ll still come back to do that same thing 49 Likes 1 Share
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Re: FG To Increase VAT To 10% by gbaskiboy: 8:48pm On Aug 07, 2015 |
Oya |
Re: FG To Increase VAT To 10% by Phinagold(f): 8:48pm On Aug 07, 2015 |
Seconded |
Re: FG To Increase VAT To 10% by ednut1(m): 8:48pm On Aug 07, 2015 |
nawa o, na we go bear the brunt, person salary getting useless by the day smh 10 Likes 1 Share |
Re: FG To Increase VAT To 10% by Swagk101(m): 8:49pm On Aug 07, 2015 |
Aii |
Re: FG To Increase VAT To 10% by 1love4all: 8:49pm On Aug 07, 2015 |
Na wah oooo |
Re: FG To Increase VAT To 10% by shizzy7(f): 8:49pm On Aug 07, 2015 |
No, things would become expensive.. |
Re: FG To Increase VAT To 10% by ojnnaco(m): 8:49pm On Aug 07, 2015 |
ladyF: |
Re: FG To Increase VAT To 10% by Nobody: 8:49pm On Aug 07, 2015 |
ladyF: not all 1 Like |
Re: FG To Increase VAT To 10% by Buchukwu: 8:49pm On Aug 07, 2015 |
The zoo called Nigeria is collapsing. It should collapse fast fast. 5 Likes 1 Share |
Re: FG To Increase VAT To 10% by dapsoneh: 8:50pm On Aug 07, 2015 |
S.e. xxxxxxxxxx |
Re: FG To Increase VAT To 10% by Jarus(m): 8:50pm On Aug 07, 2015 |
This was a fait accompli |
Re: FG To Increase VAT To 10% by 1stHola: 8:50pm On Aug 07, 2015 |
No! This is unacceptable! We pay too many tax in this country already .. And those silly Useless nepa or phcn 3 Likes
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Re: FG To Increase VAT To 10% by Flye: 8:50pm On Aug 07, 2015 |
I'm a big fan of change, but I don't support this unless the 10% is going to be on luxury goods and services, supper rich and already strong industries. Otherwise industries are already folding up in large quantity, last year MAN lost 20% of her members in just a year. 10 Likes 1 Share |
Re: FG To Increase VAT To 10% by Nobody: 8:50pm On Aug 07, 2015 |
Freemanan: No try am o! 7 Likes 1 Share |
Re: FG To Increase VAT To 10% by Nobody: 8:50pm On Aug 07, 2015 |
I'm a Nairalander and I'm not objecting. What Buhari needs to ensure is that the hole where the resources goes into are plugged so that the common man with a vision can see gains in the future. The government needs money to operate, they need money to do all these things that we are asking for, good roads, healthcare, education, etc If they stopped corruption and makes each department heads accountable for their budgets then I'm good. We all have a part to play in this play. Sunday Ogungbesan must make sure that he doesn't live beyond his salary, doesn't have millions in his account, and other frivolous stuff like that. 6 Likes |
Re: FG To Increase VAT To 10% by harmless011: 8:50pm On Aug 07, 2015 |
Enough consultation should be made before implementation |
Re: FG To Increase VAT To 10% by Nobody: 8:50pm On Aug 07, 2015 |
No oil money./.......taxes go up. |
Re: FG To Increase VAT To 10% by ezeonline2(m): 8:51pm On Aug 07, 2015 |
Hmm |
Re: FG To Increase VAT To 10% by qualityovenbake(m): 8:51pm On Aug 07, 2015 |
Why |
Re: FG To Increase VAT To 10% by olive2000: 8:51pm On Aug 07, 2015 |
Gbese!!! 1 Like |
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