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Nairaland Forum / Nairaland / General / Politics / FEC Approves Increase In VAT Rate To 7.2% (575 Views)
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FEC Approves Increase In VAT Rate To 7.2% by tunene66: 8:09pm On Sep 11, 2019 |
The federal executive council (FEC) has approved an increase in value added tax (VAT) rate from 5% to 7.2%. Zainab Ahmed, minister of finance, budget and national planning, disclosed this to state house correspondents at the end of the cabinet meeting on Wednesday. However, this is subject to an amendment of the VAT act of 1994 by the national assembly. VAT replaced the sales tax in 1994 and was pegged at 5% by the military government of Sani Abacha. In 2007, former president Olusegun Obasanjo increased VAT to 10% on the eve of his departure from office but it was reversed by his successor, Umaru Musa Yar’Adua, following opposition from labour. Wednesday’s FEC meeting, which started at 11am and ended at 6:12pm, was presided over by President Muhammadu Buhari. Ahmed said FEC directed immediate consultations with states, local governments and other relevant stakeholders before the new rate takes effect in 2020. https://www.thecable.ng/breaking-fec-approves-increase-in-vat-to-7 https://www.thecable.ng/breaking-fec-approves-increase-in-vat-to-7 |
Re: FEC Approves Increase In VAT Rate To 7.2% by Garrieveryday: 8:26pm On Sep 11, 2019 |
Hardship upon hardship |
Re: FEC Approves Increase In VAT Rate To 7.2% by otosa(m): 8:33pm On Sep 11, 2019 |
I promise, i wouldn't say anything. |
Re: FEC Approves Increase In VAT Rate To 7.2% by alizma: 8:33pm On Sep 11, 2019 |
OK now |
Re: FEC Approves Increase In VAT Rate To 7.2% by JubrinElSudan: 8:40pm On Sep 11, 2019 |
2020 go tough oh! More expenditure in all angles. Online purchase VAT, increment in electricity tariff, increase in VAT. |
Re: FEC Approves Increase In VAT Rate To 7.2% by PresidentAtiku(m): 8:42pm On Sep 11, 2019 |
Very useless sets of APC leaders.. Always about increasing the hardship in the land... They Increased fuel price. Has it translated to good roads or even infrastructures? God will judge all those who worked for the emergence of this good for nothing government 1 Like |
Re: FEC Approves Increase In VAT Rate To 7.2% by Mynd44: 8:53pm On Sep 11, 2019 |
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