Abuja - If the recommendation of the Director General, Budget Office, Dr. Bright Okogwu, is accepted, Nigerians would have to pay double for Value Added Tax (VAT), reports Business Hallmark.
Okogwu had during his appearance before the National Conference Committee on Public Finance and Revenue advocated that the Value Added Tax (VAT) rate be increase to 10% from its current charge of 5%.
The current 5% rate was introduced by the government of late Sani Abacha in 1994. An attempt to increase it to 10% by President Umaru Musa Yar’Adua in 2007 backfired, forcing the government to rescind the decision.
Read more at Business Hallmark.
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