₦airaland Forum

The Federal Executive Council on Wednesday approved 7.2 per cent as new Value Added Tax rate for the country, up from the current 5 per cent.

However, a decision has yet to be taken on the effective date of the new rate.



The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, who spoke with State House Correspondents after the FEC meeting in Abuja, said consultations were ongoing over when the new rate would apply.

She explained that stakeholders, including the National Assembly and the states, would have to agree on the date.

The minister stated that the VAT Act would also have to be amended by the National Assembly before the take-off date of the new rate, which she said could be sometime in 2020.

She said, “We also reported to council and council has agreed that we start the process toward the increase of the VAT rate. We are proposing and council has agreed, increase in the VAT rate from 5 per cent to 7.2 per cent. This is important because the federal government only retains 15 per cent of the VAT; 85 per cent is actually for the states and local governments. The states need additional revenue to be able to meet the obligations of the minimum wage.

“This process involves extensive consultations that need to be made across the country at various levels and also it will involve the review of the VAT Act. So, it is not going to be implemented immediately until the Act is reviewed.”

https://punchng.com/fec-approves-7-2-as-new-vat/?fbclid=IwAR2mSCn_b53vLOWplVi1FThfCqcPS1OE9Dzw8Qu4THFA49wnozMb3Tnmi1s

Abbeybailey:
You see all the guys waiting for
Taliban Trump to give them their independence hailing him like the secong coming of Jesus Christ not knowing the guy is a racist and a demagogue.

My brother,I have little or no regard for a trumpster..An average trump supporter is a stupid fellow just like a Buharist..their brains aint functioning one bit

Taliban Trump..

EkunKekere:


I remember 4 years ago when I was watching the Senate ministerial confirmation and Fashola made a statement to the effect that Nigerians should reorientate themselves to stop seeing debt as a bad thing.

It's only now that we are beginning to feel the evil aftereffects of this incredibly stupid mentality.

25 trillion naira debt and still climbing. Practically ALL of the advantages of the debt relief that Obasanjo and Okonjo-Iweala worked so hard to obtain for Nigeria have been obliterated by these idiots.

When Awolowo was in charge of prosecuting the Civil War, for 3 good years Nigeria successfully fought that war without borrowing a dime, salaries and wages were paid on time and we still managed to even save some money.

Meanwhile under the APC clowns many of the States under their control are owing several months backlog of unpaid salaries, yet they are heavily indebted.

Maybe Yorubas should consider borrowing a leaf from IPOB on how to treat incompetent politicians.

[img]https://images./5SR8xm9YhcvqqPQIE7Grgf.jpg[/img]

cc omolola15

Yemi o Yemi..If this girl gives me her pussyy lasan,I go suck am and fucccck her without condom sef..

Nobody should come for me..I am not feeling fine..

cc veekid

Ahahahahahaaaa. Finally I made FTC..I think I need to call a party...Seun na Access Bank I dey use. oya come and credit my account right away .

Lol

veekid would you like to suck those boobs?what do you think about them?

espeeroke:
Action governor... Hope APC goons are watching. May God punish that useless Yahaya Bello of Kogi State. A monumental failure. May God punish Tinubu and Oshiomole for supporting that rogue, may their generations suffer the fate of Kogi people under that useless Yahaya Bello. Amen

Ase!

dayleke:
Se na lie?

Where have you bin all day?

Baba no be so..

Dont mind me jare.Have been to london to see the queen..

dayleke:
L......O........L


But she won't be able to set the ringtone too loud now cos it's either the chalet/guest wing in d palace or na hotel.

Ringtone go dey vibrate or silence...

But you badt gan o.
You be real enemy of progress.
Laff wan tear my belle here.

You see how she dey catwalk too?
The pride of d king...

Ahahahahahahahahahaaa.. Baba I catch you o...Lol

Denikayan:


Ajimobi was a curse to Oyo State, Nigeria, Africa, Earth and the entire Universe.

Ahahahahaha..Olopa e wo ni ti epe?

glink2015:
With heap of debt on the state neck...


Ogbeni Rauf really damage the treasury of the state

The poverty capital of the southwest..They are as poor as church rat

hisss

I support it 100%..Left to me sef it should be 20,000naira and above..ways like that we would curb our fucccking population..If you can just take care of just a child,so be it..

Education isnt cheap anywhere in the world..This is not the 60's..This is two thousand and whatever..

Olufemiolaolu:
Olomu iya. Her brain is as scattered like her boobs

Like if she opens her boobs for you,you no go suck am?hunnn

searchlight:
Is it in order if igbos and other south south do the same which Tinubu did in 2015? We want yo come back yo national limelight and supporting an Hausa PDP candidate is the surest bet so stop crying or advise your Yoruba brothers to stop wailing because igbos and SS will give their 80% support to a northern PDP candidate

Yeye.I have asked you were there an agreement to support so so and so person in the 2015 election and the agreement was not abided with?Look let me tell you something you dont know..In democracy majority carries the vote.How many is the voting block of the SS/SE?You mean the SE that did not even come out to vote massively for their son in the last elections?seat down there and be playing ethnic politics.. If the North decides to hand over the APC ticket to a yoruba man come 2023,it is yoruba's that will win except if the north decides otherwise.At least till the 2023,5 Yoruba states will be controlled by the APC

Sit down there playing ethnic politics,If you want to win you go for the jagular..something Tinubu and co did with Buhari even though they knew Buhari was a disaster..