The National Leader of the All Progressives Congress (APC), Mr Bola Tinubu, has called for the immediate suspension of Value Added Tax (VAT), and the reduction of tax in the country.
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He said: “It’s your statutory responsibility whether you just registered today with Corporate Affairs Commission to come over to the Federal Inland Revenue to register as VAT agent. That is the first responsibility.
In a country where the presidency still maintains a fleet of private jets, where lawmakers budget billions of naira to buy luxury cars and where tales of official profligacy travel far and wide, it is difficult to convince Nigerians that this new VAT increase and other austerity measures are not merely attempts by the government to force poor Nigerians to service the luxuries of public officials.
The Federal Executive Council on Wednesday approved 7.2 per cent as new Value Added Tax rate for the country, up from the current 5 per cent.
Value Added Tax (VAT) is a popular form of indirect taxation. VAT is a tax on the supply of goods…
