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NEXT LEVEL: NIGERIA TO CHARGE 5% VAT ON EVERY ONLINE PURCHASE MADE WITH BANK CARDS FROM 2020

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Bynews naija

Aug 5, 2019

A New plan by the Buhari led administration to take Nigeria to the next level has just resurfaced- More Tax.

The FIRS chairman Mr Tunde Fowler  just announced that beginning from 2020 Nigerians who purchase items online will now pay 5% VAT on every transaction. He made this known in an exclusive interview to news men.

Analyst claim that the digital economy may impact tax revenue positively. What this implies is that if an item cost 4500,  N900 will be charged as VAT.  The FIRS boss said the tax agency will make use of Nigerian banks as an agent in achieving the 5% value-added tax.

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