Proposed VAT increase and unending controversies


Tribune Online
Proposed VAT increase and unending controversies

Akin Adewakun, Lagos


The clarification from the Federal Government, through the Minister of Finance, Budget and National Planning, Zainab Ahmed, last Friday, of the exact rate it intends to increase the Value Added Tax (VAT), no doubt, put paid to the hope and optimism expressed in some quarters that the Federal Government might reconsider its stand on the controversial issue and maintain the status quo.

Such optimism is not unfounded. In 2007, former President Olusegun Obasanjo, as a ‘parting gift’ to Nigerians, had announced an increase in VAT from 5 per cent to 10 per cent, a development that saw the organised…

Source: Nigerian Tribune