Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, has described as untrue media reports claiming that VAT has been increased from 7.5 per cent to 10 per cent.
Team@orientactualmags.com learned that the minister in a statement he issued in Abuja on Monday clarified and asserted that in line with the nation’s tax laws, the VAT remains at 7.5 per cent.
‘The current VAT rate is 7.5% and this is what the government is charging on a spectrum of goods and services to which the tax is applicable. Therefore, neither the Federal Government nor any of its agencies will act contrary to what our laws stipulate’ the minister submitted while emphasizing the need for a balanced tax system.
‘The tax system stands on a tripod, namely tax policy, tax laws, and tax administration. All the three must combine well to give us a sound system that gives vitality to the fiscal position of the government’ he said.
‘Our focus as a government is to use fiscal policy in a manner that promotes and enhances strong and sustainable economic growth, reduces poverty as well as makes businesses flourish’ he added.
Mr Edun also condemned the idea of promoting the notion that the federal government seeks to make life difficult for the people through its actions.
‘The imputation in some media reports on the issue of VAT and the opinion articles that have sprouted from them seem to wrongly convey the impression that the government is out to make life difficult for Nigerians. That is not correct. If anything, the Federal Government has, through its policies, demonstrated that it is committed to creating a congenial environment for businesses to thrive.
In fact, it is on record that the Federal Government, as part of efforts to bring relief to Nigerians and businesses, recently ordered the stoppage of import duties, tariffs, and taxes on rice, wheat, beans, and other food items’ he said-Team@orientactualmags.com Do you have any information you wish to share with us? Do you want us to cover your event or programme? Kindly send SMS to 08059100286, 09094171980 or get in touch via orientactualmag@gmail.com. Thank you
