The Federal government has proposed an increase of the Valued Added Tax, VAT, from five per cent to seven point two per cent.
The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed disclosed this after the Federal Executive Council, FEC meeting presided over by President Muhammadu Buhari at the Council Chamber, Presidential Villa, Abuja.
The Minister said that the increase will commenced after the VAT Act is amended by the National Assembly and after consultations with the state and local government areas as well as the Nigerian populace.
According to her, their projection is to finish consultations early enough so that it takes effect in 2020.”
She further disclosed that the FEC approved the Medium Term Expenditure Framework and Fiscal Strategic Paper, for 2020 to 2022, which will guide the 2020 Budget.
The Minister said the next step was to present the document to the National Assembly for consideration.
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