Minister of Finance and Coordinating Minister of the Economy, Wale Edun, on Monday, dismissed reports making the rounds that the Value-Add...
Minister of Finance and Coordinating Minister of the Economy, Wale Edun, on Monday, dismissed reports making the rounds that the Value-Added Tax (VAT) rate has been increased from 7.5 per cent to 10 per cent.
Edun, in a statement personally signed by him, clarified that the VAT rate remains unchanged at 7.5 per cent, as stipulated in the nation’s tax laws.
He explained the importance of maintaining a balanced tax system, emphasising that Nigeria’s tax framework is built on three key pillars- tax policy, tax laws, and tax administration.
While addressing concerns over government actions perceived as burdensome, Edun reassured Nigerians that fiscal policies are designed to promote sustainable economic growth and alleviate poverty, not to hinder them.
He explained the importance of maintaining a balanced tax system, emphasising that Nigeria’s tax framework is built on three key pillars- tax policy, tax laws, and tax administration.
While addressing concerns over government actions perceived as burdensome, Edun reassured Nigerians that fiscal policies are designed to promote sustainable economic growth and alleviate poverty, not to hinder them.
“For emphasis, as of today, VAT remains 7.5% and that is what will be charged on all the goods and services that are VAT-able.”
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