VAT: FIRS Urges Nigerians To Brace Up For Increase - Liberty TV/Radio - News - Voice For All! Vision For Alll!
Editor 2
March 19, 2019
TheFederal Inland Revenue Service (FIRS), on Tuesday, urged Nigerians to brace foran increase in Value Added Tax (VAT) by between 35 and 50 per cent in 2019.
Thiswill raise the VAT from the current five per cent to between 6.75 and 7.25 percent.
FIRS Chairman BabatundeFowler dropped the hint when he appeared alongside other top officials in theFederal Ministry of Finance before the Senate Committee on Finance in Abuja.
Hesaid the impending VAT increase was one of the areas being looked at by theservice to meet its 2019 revenue generation target of N8 trillion.
Theofficials appeared before the committee to give details of the 2019-2021 MediumTerm Expenditure Framework and Fiscal Strategy Paper.
Fowler’sannouncement came shortly after the Senate passed the National Minimum Wage Act(Amendment) Bill in which it approved N30, 000 as the new minimum wage for theworkers in the country.