FG Plans to Raise VAT to 7.5% by 2020 – Zainab Ahmed
The former Minister of Finance, Mrs. Zainab Ahmed, Tuesday hinted of plans by the federal government to increase the rate of Value Added Tax (VAT) from five to 7.5 percent by 2020.
Speaking at the Bloomberg Emerging & Frontier Forum in London, the former Minister said this was the only way to address the issue of falling revenue.
According to Bloomberg reports “We have developed a strategic revenue growth initiative, which we have started to implement.
“Our target is to increase revenue to 65 per cent minimum in 2019 so that in the next three years we are able to attain 80-85 per cent of our revenue target.”
It would be recalled that many Nigerians had criticized federal government plans to raise VAT in the past.
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