₦airaland Forum

Just when we were trying to get our heads around the newly introduced stamp duty, there are strong indications that VAT will increase.

CCTV Africa reports; Nigeria’s government is considering changes to the tax regime as part of efforts to overcome the crisis brought on by falling oil prices.Vice President Yemi Osinbajo said that the government is looking at increasing tax coverage.

The government plans to increase value-added tax from 5 percent, which is among the world’s lowest VAT rates, and broadening the tax base. Osinbajo said that at present they were only collecting just about 20 percent of the potential tax.

The sharp drop in crude revenues, which provide 95 percent of foreign earnings, has led to the Naira hitting record lows on the parallel market as foreign exchange reserves dwindle. Finance Minister Kemi Adeosun last week announced plans to borrow up to $5 billion from multiple sources, including the Eurobond market, to plug its budget deficit.


https://www.youtube.com/watch?v=nu0WCTOrvao

Bad news everywhere since APC takeover.

Enough of this taxing abeg



It's almost like the people making the policies do not know the reality of lives an average Nigerian

DaBullIT:
Enough of this taxing abeg



It's almost like the people making the policies do not know the reality of lives an average Nigerian

they know, they refuse to do anything to help..

Change in everything. Still watching

The government is castigated for borrowing.

The government is castigated for increasing taxes.

The government is castigated for spending time to recover looted funds from past government officials.

But the government is blamed for having a budget deficit.

But the government has to pay its workers and the government is expected to carry out capital projects.

And the government's major source of income, crude oil export, is at its lowest in years.

So castigators, please tell us, what should the government do?
Stop the castigation alone.
We want informed and constructive suggestions on what the government should do.