NEXT LEVEL: FEC PROPOSES VAT INCREMENT FROM 5 % TO 7.2%

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The Federal executive council FEC, has proposed  the increment of value added tax (VAT). from its former 5% to 7.2%.

This Minister of budget and planning Mrs Zainab Ahmed disclosed this to the state house correspondent at the end of the cabinet meeting on Wednesday night.

Should this be implemented, Nigerians with a minimum wage still at N18,000 will now pay VAT rates equivalent to those of Singapore and Thailand and pay higher than countries such as the United Arab Emirates and Taiwan

 

 

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