VAT: FG says it proposed 7.5% raise, not 7.2%

Contrary to the earlier information of a proposed 7.2percent Value Added Tax (VAT) increment, the Federal Government has clarified that it proposed 7.5% increase.

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The Special Adviser, Media and Communications, to the Minister of Finance, Budget and National Planning, Mr. Yunusa Tanko Abdullahi, said in a statement that the proposed VAT increase “from 5 percent to 7.5 percent is sequel to the recommendation of the Presidential technical advisory committee.”

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He said that the increase, if correctly implemented, could bring in huge revenues, which would actually reduce the fiscal deficit burden.

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He explained that the Federal Government had earlier in the year set up a technical advisory committee comprising competent and leading economists from both public and private sectors chaired by an Economist, Mr. Bismack Rewane.