V.a.t in poverty stricken Rwanda is 18 percent.

Some brilliant adviser must have told the president that increasing VAT by 2.5% will increase revenue generation by xx trillion

What this brilliant adviser did not say is increase in the price of goods and services may reduce the demand and nullify any gains

To increase revenue especially VAT, consumers must have confidence that they can spend. They must be sure that the economy is healthy and that their jobs are secure. This consumer confidence spurs them to spend more which generates more revenue

It is not always about increasing taxes

youngsahito:
let the hardship begins

IT IS DONE WE ARE FINISHED .WE STILL GET CASE IN THE UK NOT RESOLVED.BY THE TIME IT IS CLEAR FOR BUHARI EYE THAT YOU CAN NOT DO POLITIC WITH INTERNATIONAL CONTRACTS .FG WILL ADD MORE TAX ON TOP OF 7.5 MAKING IT 1[b]0.5 [/b]TO PAY OFF THE DEBT THAT THEM ALONE BRING ON US THROUGH THEIR OWN STUPIDITY

Staro:

Buhari's budgets in 5yrs alone is way more than OBJ, Yar'Adua and GEJ for
16yrs put together.

This man nearly doubled the price of petrol from #86 to #145 and has borrowed away
the future of our unborn generations in loans yet, with nothing to show for.

I thank the Chinese govt and Dangote for funding the Lagos-Ibadan rail line as well as
the Oshodi - Apapa expressway respectively. These two projects seem to be progressing steadily
because of them

Left for this present Buhari's FG, only God knows what would be happening to this projects.

You forgot to include that the Lagos-Abeokuta-Ibadan Railway and the Apapa-Oshodi-Oworonshoki expressway were constructed and commissioned by Goatluck Jonathan in the year 1800.

Staro:



Buhari's budgets in 5yrs alone is way more than OBJ, Yar'Adua and GEJ for
16yrs put together.

This man nearly doubled the price of petrol from #86 to #145 and has borrowed away
the future of our unborn generations in loans yet, with nothing to show for.

I thank the Chinese govt and Dangote for funding the Lagos-Ibadan rail line as well as
the Oshodi - Apapa expressway respectively. These two projects seem to be progressing steadily
because of them

Left for this present Buhari's FG, only God knows what would be happening to this projects.

Gbam

OlujobaSamuel:

Those things you listed are vat exempted already.

Oga are u kidding me.... Food and health care are not exempted from the reduced tax.

How?

patani:


Yes... Nigerians envy other countries who pay VAT but cant pay 7.5 percent

FYI, VAT in SA is 15 percent
Canada os 18 percent
USA is 17 percent
Namibia 15 percent

Before they start saying that standard of living is good in this countries thats why they can pay large v.a.t. , Rwanda , Togo, Benin , Niger have vat rates of 18 percent.


Ghana is 12.5 percent.

Blackfriday:
Oga are u kidding me.... Food and health care are not exempted from the reduced tax.

Oga yes they are!! Why do you like supporting falsehoods?

There are some goods in Nigeria, which are specifically exempted from paying VAT as contained in the first schedule of the VAT Act, and such include medical and pharmaceutical products; basic food items; books and educational material; newspapers and magazines; baby products; commercial vehicles and their spare parts; agricultural equipment and products; and veterinary medicine.

Staro:



Buhari's budgets in 5yrs alone is way more than OBJ, Yar'Adua and GEJ for
16yrs put together.

This man nearly doubled the price of petrol from #86 to #145 and has borrowed away
the future of our unborn generations in loans yet, with nothing to show for.

I thank the Chinese govt and Dangote for funding the Lagos-Ibadan rail line as well as
the Oshodi - Apapa expressway respectively. These two projects seem to be progressing steadily
because of them

Left for this present Buhari's FG, only God knows what would be happening to this projects.

The Zombies don't know this

Blackfriday:
Oga are u kidding me.... Food and health care are not exempted from the reduced tax.

This report is not comprehensive. A detailed one was reported sometimes in Dec.
Agricultural products, Health care and Education are exempted. They were before at 5% vat and they still are now, the only significant changes aside the rate (7.5%) is the the exemption given to SME

urahara:
For those of you complaining just know that vat for Ghana is 12.5 percent.

Can u compare Ghanas economy to dat of Nigeria?
Comparing Nigeria to a country dat her citizens re enjoying all d basic necessities. All d workers re paid their salaries as at wen due. Unlike Nigeria where most state Governors dnt pay salaries. Abeg i no fit shout.

AGREE STRONGLY

Staro:



Buhari's budgets in 5yrs alone is way more than OBJ, Yar'Adua and GEJ for
16yrs put together.

This man nearly doubled the price of petrol from #86 to #145 and has borrowed away
the future of our unborn generations in loans yet, with nothing to show for.

I thank the Chinese govt and Dangote for funding the Lagos-Ibadan rail line as well as
the Oshodi - Apapa expressway respectively. These two projects seem to be progressing steadily
because of them

Left for this present Buhari's FG, only God knows what would be happening to this projects.

Staro:



Buhari's budgets in 5yrs alone is way more than OBJ, Yar'Adua and GEJ for
16yrs put together.

This man nearly doubled the price of petrol from #86 to #145 and has borrowed away
the future of our unborn generations in loans yet, with nothing to show for.

I thank the Chinese govt and Dangote for funding the Lagos-Ibadan rail line as well as
the Oshodi - Apapa expressway respectively. These two projects seem to be progressing steadily
because of them

Left for this present Buhari's FG, only God knows what would be happening to this projects.

Very sad my brother
Nigeria has got to a point that without loans no project ever gets done

APC really scam us...

[b][/b][color=#006600][/color]

Can someone please list out the fast consumer moving goods which the signed finance bill will tend to increase their prices so I can go to market to stockpile them so i will not pay increased price in the interim?

APCNig:


You forgot to include that the Lagos-Abeokuta-Ibadan Railway and the Apapa-Oshodi-Oworonshoki expressway were constructed and commissioned by Goatluck Jonathan in the year 1800.

Oga, the Chinese govt and Dangote Plc respectively are funding those two projects in the form of loans (not Buhari).
In fact, the future govt that will eventually pay up these loans is not yet known.

Abujaexpress:
What does the bill signifies in 2020? Somebody give us a breakdown

Producers of goods and services will pay higher taxes. This translates to higher prices for goods and services in the market.

Some companies might also lose their profits which could cause job loses.

Babaheekmat:
All I need Is someone to explain this action of our president to me.

It's effect.. Both good and bad

VAT is Value Added Tax, which is tax on goods and services rendered in Nigeria.

Every Nigerian that buy or consume anything indirectly pay for VAT, which is consumer tax.

The good thing is, it will generate more revenue for Nigerian government, mostly the state, LGA and then federal government because majority of the VAT paid per goods and services consumed in every state goes to the state coffers, so states will get more money to execute their budgets.

The downside of it is that price of goods and services will go up as service providers will increase price to catch up with VAT they paid to purchase the goods and services they are selling or rendering to Nigerians.

At the end, it is the end users that will bear the brunt because VAT is paid by consumers.


Nigerian leaders lack wisdom, they are quick to adopt international standard of taxation but are not good in adopting international standard of governance that ensures government fund is well managed and citizens are provided with almost all basic amenities of life.


Buhari and Osinbajo are fast in learning to tax Nigerians the way UK taxes her citizens but they forgot that UK provide virtually everything free for her citizens; free quality healthcare, free quality education and welfare packages for the poor and even for parents to cater for kids.


US return back tax to citizens who didn't earn enough money per year in what they call tax return. Can't Buhari adopt that

Nigerians working and earning less than 100k naira are taxed and at the end of the year no tax is returned back to them and they cannot point to what government did with the taxes and revenues generated for the year. Yet Nigerians say this man is not corrupt.

Why can't he learn good things from western nations that will inspire an SMEs and industry revolution in Nigeria If the Nigerian leaders are sincere and have good will for all Nigerians, Nigeria ought to be a tax free nation because all the monies generated are looted by few people so why taxing people more again for some people to loot and grow fat

Buhari is a mistake

patani:


Yes... Nigerians envy other countries who pay VAT but cant pay 7.5 percent

FYI, VAT in SA is 15 percent
Canada os 18 percent
USA is 17 percent
Namibia 15 percent

Does SA and Namibia make the staggering billions you make in oil?

Does US and Canada, have looters who are bent on looting the country to death?

Cotton:


Oga yes they are!! Why do you like supporting falsehoods?

There are some goods in Nigeria, which are specifically exempted from paying VAT as contained in the first schedule of the VAT Act, and such include medical and pharmaceutical products; basic food items; books and educational material; newspapers and magazines; baby products; commercial vehicles and their spare parts; agricultural equipment and products; and veterinary medicine.

whose annual turnover is less than 25m abi? Cos am sure if walk into a qsr with over 25m annual income, your meal receipt will come at 7.5 VAT

GamalNasser:
You will still not see a thing he will do with this money

He is certainly working very hard to be the most corrupt & ineffective President Nigeria will ever have. At least, he should be in history for thing (worse of best).

NO BE SMALL THING O !

I foresee a strain on our already little GDP, lower purchasing power for the naira and of course inflation.

LabDNA:


Does SA, and Namibia the staggering billions you make in oil?

Does US and Canada, have looters who are bent on looting the country to death?

ask the gullible fools, willing tools of useless politicians.


Ask him the social welfare package Nigerian government pay to poor Nigerian youths to help their dire situation to warrant them collecting 7.5% VAT after looting billions made from crude oil


Occupying same nation with some people is really a heartbreaking experience

It is Well

HegenIkomkeh:
This fool has not only cemented the hardship and suffering of Nigerians,he has completely destroyed the fragile fabrics of our hard fought democracy.There are 3 more years to go folks,brace up for more.
Now I'm fully convinced that this country might never recover from the destruction that would be done by this mistake of a president. If you have a chance to emigrate, please do oh. No hope again!

yes completely agreed with you,,but this Man have people working with him now are they dunce together

the illiterate will sign anything , even his own death warrant, he should be well monitored

Electricity tariff will soon be increased also.

patani:


Yes... Nigerians envy other countries who pay VAT but cant pay 7.5 percent

FYI, VAT in SA is 15 percent
Canada os 18 percent
USA is 17 percent
Namibia 15 percent

No VAT in the US. Stop lying.

The minimum wages of the mentioned countries is more than thrice higher than ours besides they set enabling working environment for businesses. So I see no reason why Nigerians envy them. Our government needs to put things in place well before imposing high tax on citizens. Cost of products are getting higher while unemployment and poverty rate is also getting higher. Where and how do you want Nigerians to cope?
FYI don't compare those mentioned countries economically to our country.

patani:


Yes... Nigerians envy other countries who pay VAT but cant pay 7.5 percent

FYI, VAT in SA is 15 percent
Canada os 18 percent
USA is 17 percent
Namibia 15 percent