Abuja - The Federal Government have been cautioned on the proposed plan to increase Value Added Tax, Vat to more than five percent, with analysts seeing the move as an economic suicide, Vanguard reports.
A former president of Chartered Institute of Taxation of Nigeria, CITN, Adebimpe Balogun, condemned the proposed plan by the Federal Government to increase tax saying that it was ill-advised in Nigeria's current economic climate.
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She added that instead of increasing tax, FG should look to broaden the tax base by bring more people in the formal and informal sectors into the tax net.
Balogun also called on high ranking government officials who earn heavy salaries to lead by example by paying taxes that is in line with how much they earn.
For more on this story, visit Vanguard.
- News24 Nigeria