VAT: FIRS Refutes Report Of 50% Increase - Liberty TV/Radio - News - Voice For All! Vision For Alll!
Abubakar Abubakar
March 21, 2019
The Federal InlandRevenue Service, FIRS has refuted report of planned increment of Value AddedTax, VAT by 50 per cent to meet up payment of the newly proposed minimum wage.
The Head,Communication and Servicom Department Wahab Gbadamosi made this known in astatement in Abuja.
The Minister of Budgetand National Planning Udo Udoma and FIRS Chairman, Babatunde Fowler hadappeared before Senate Committee on Finance at the 2019-2021 Medium TermExpenditure Framework, and Fiscal Strategy Paper interactive meeting.
Gbadamosi explainedthat at the meeting, Fowler had called for an increase in the number ofNigerians and companies paying VAT and not a 50 per cent increase in VAT rateas reported.
He said that contraryto reports in the media, the FIRS Chairman called for a reduction in CompaniesIncome Tax rate for small businesses so as to improve compliance.