The Federal Executive Council which President Buhari presided over on Wednesday September 11, approved the increment of value added tax (VAT) rate from 5 percent to 7.2% percent.
The Minister of finance, budget and national planning, Mrs Zainab Ahmed confirmed the increment at the end of the cabinet meeting. The new rate which will take effect from 2020 is however subject to an amendment of the VAT act of 1994 by the national assembly.
See how Nigerians are reacting to the development below...
Federal Government increased minimum wage and reduced purchasing power by increasing VAT to 7.2%. I stan, economic Yahoo yahoo.
103 people are talking about this
To celebrate @Mbuhari's successful coup, the FEC has raised VAT to 7.2%. I hope the Buharists and APC apologists are exempted from this new tax regime and all other evils that is to come. twitter.com/nigeriantribun…
150 people are talking about this
Imagine an investor buys Nigeria off, and FG gave everybody a share of the money to leave Nigeria.
Which Country would you migrate to?
VAT TO 7.2%
24 people are talking about this
The only solution the govt of Buhari has to the economic challenges is to increase VAT to 7.2%.
That's almost 50% increase from initial 5%.
Do not also forget they are still planning to tax online transactions by 2020.
This is what you get when you have a Buhari as President.
29 people are talking about this
By increasing the VAT to 7.2%, the federal government is adding salts and insult to the wounds of poor Nigerians
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Nig with none of the basic amenities & no incentives for SME ar increasing VAT to 7.2% as if it isn't enough that for a business to thrive in Nigeria, the business owner, must provide all the amenities he needs for himself.
I say no to increment of VAT to 7.2% #pointofview
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FG increases VAT to 7.2% but are yet to implement minimum wage since 652 BC.
Nigerians: pic.twitter.com/BiUKvUempb
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Quick thoughts about the proposed increase in VAT to 7.2%
This is low compared the rest of Africa/world
Other countries in Africa are at
Ghana 15%
Egypt 14%
South Africa 15%
Rwanda 18%
Kenya 16%
There is also a 5% consumption tax in Lagos, which takes Lagos to 12.5%
81 people are talking about this
I stand against the PROPOSED increase of VAT.For your information,it has not been increased yet. It is a proposal by the executive which will have to be debated on the floor of the National Assembly.I will argue against it&I’m sure it will be thrown out. - @akinalabi
VAT to 7.2%
20 people are talking about this
Instead of increasing VAT to 7.2%,cut down government unnecessary expenditure, reduce security vote.
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