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FG To Increase VAT From 5% To 10% - Politics - Nairaland

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Lagos Can't Generate VAT And Others Take 50℅ - Ambode / Adeosun: 55% Of Nigeria’s VAT Is From Lagos / FG To Increase VAT To 10% (2) (3) (4)

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FG To Increase VAT From 5% To 10% by moderatorr1: 8:38pm 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.
http://www.vanguardngr.com/2015/08/fg-to-increase-vat-to-10/#sthash.AqRfkdyn.dpuf
Re: FG To Increase VAT From 5% To 10% by Elslim: 8:42pm On Aug 07, 2015
ok
Re: FG To Increase VAT From 5% To 10% by Brownhypo: 8:45pm On Aug 07, 2015
Baba, keep the good works coming cool cool
Re: FG To Increase VAT From 5% To 10% by Nobody: 8:47pm On Aug 07, 2015
I don't have a problem with this.

But the principle of derivation should also apply to Vat.

The situation where State X with 40 local governments gets more vat revenue than State Z with 20 local governments whereas State Z generates more Vat should be stopped. It's is unfair.

Other transactions should also be brought into the Vat net - eg trading in cows, tomatoes, artisans fees, etc.

2 Likes

Re: FG To Increase VAT From 5% To 10% by Nobody: 8:47pm On Aug 07, 2015
It's inevitable, I'd say 15%

1 Like

Re: FG To Increase VAT From 5% To 10% by seunmsg(m): 9:10pm On Aug 07, 2015
Buhari better not try this.
Re: FG To Increase VAT From 5% To 10% by GenBloodykiIler: 9:10pm On Aug 07, 2015
Obiagelli:
It's inevitable, I'd say 15%

kiss
Re: FG To Increase VAT From 5% To 10% by moderatorr1: 11:17pm On Aug 07, 2015
seunmsg:
Buhari better not try this.
lol
Re: FG To Increase VAT From 5% To 10% by 9jatatafo(m): 2:32pm On Aug 08, 2015
Nigeria we hail thee
Re: FG To Increase VAT From 5% To 10% by clefstone(m): 2:32pm On Aug 08, 2015
T
Re: FG To Increase VAT From 5% To 10% by Warlord3000(m): 2:33pm On Aug 08, 2015
They will soon be here cheesy
Re: FG To Increase VAT From 5% To 10% by candidbabe(f): 2:33pm On Aug 08, 2015
H
Re: FG To Increase VAT From 5% To 10% by qualityovenbake(m): 2:33pm On Aug 08, 2015
Is this our election victory gift
Re: FG To Increase VAT From 5% To 10% by Nobody: 2:33pm On Aug 08, 2015
Wasn't this on FP yesterday?

Anyway.....thanks to the fall in oil price....we are increasing the taxes....so that we can pay for the daily needs of life. If you want VAT to go down....pray that oil prices jump up again.

Another good reason why Nigeria must get off oil.
Re: FG To Increase VAT From 5% To 10% by nawtikid(m): 2:33pm On Aug 08, 2015
bushdoc9919:
Wasn't this on FP yesterday?
I was gon say d same thng
Re: FG To Increase VAT From 5% To 10% by toxiflam: 2:33pm On Aug 08, 2015
hmmm
Fuel subsidy removal > or= VAT increment.
#watching in 3D
Re: FG To Increase VAT From 5% To 10% by nerfetiti: 2:34pm On Aug 08, 2015
Ki leyi

Re: FG To Increase VAT From 5% To 10% by orekelewa09(f): 2:34pm On Aug 08, 2015
j
Re: FG To Increase VAT From 5% To 10% by emamos: 2:35pm On Aug 08, 2015
adejams:
badnews
for who?
Re: FG To Increase VAT From 5% To 10% by dammytosh: 2:35pm On Aug 08, 2015
Sacrifice worth paying.

Will gladly pay 10% vat on my income than pay TITHE.

Apologies.
Re: FG To Increase VAT From 5% To 10% by Iceman296: 2:35pm On Aug 08, 2015
Nigerians won't have a Problem with this, Just that tax Payment should be Transparent to the Least, and All these Government officials should also Pay their Tax!!
Re: FG To Increase VAT From 5% To 10% by Nobody: 2:35pm On Aug 08, 2015
Other oil producers are doing the same thing...
Re: FG To Increase VAT From 5% To 10% by emamos: 2:36pm On Aug 08, 2015
nerfetiti:
Ki leyi
ekunwo vat
Re: FG To Increase VAT From 5% To 10% by arsetalks(m): 2:36pm On Aug 08, 2015
I don't think this will be tried. It will amount to great inflation. Another reason why buhari needs to asap appoint his ministers.
Re: FG To Increase VAT From 5% To 10% by Nobody: 2:36pm On Aug 08, 2015
Obiagelli:
It's inevitable, I'd say 15%
buhari's pant sniffer
Re: FG To Increase VAT From 5% To 10% by Adele200(m): 2:36pm On Aug 08, 2015
It's a welcome development given that all the tax collected will be judiciously utilized.

Re: FG To Increase VAT From 5% To 10% by Nobody: 2:36pm On Aug 08, 2015
vat
Re: FG To Increase VAT From 5% To 10% by Nobody: 2:36pm On Aug 08, 2015
What happens to civil servants salary then? Any increment?
Re: FG To Increase VAT From 5% To 10% by tobtap: 2:36pm On Aug 08, 2015
good
Re: FG To Increase VAT From 5% To 10% by Sunofgod(m): 2:38pm On Aug 08, 2015
Change
Re: FG To Increase VAT From 5% To 10% by Obinoscopy(m): 2:38pm On Aug 08, 2015
bushdoc9919:
Wasn't this on FP yesterday?
https://www.nairaland.com/2510057/fg-increase-vat-10

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