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LequteMan
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The Nigerian government is planning to double value-added tax rate to 10 per cent this year in a bid to shore up revenue eroded by the declining price of oil, the Federal Inland Revenue Service said.
“The plan is to increase to 10 percent this year, but we have to consult first with relevant stakeholders,” Sunday Ogungbesan, Acting Executive Chairman of the FIRS, told reporters.
FIRS will put more effort in meeting targets after its collection of 1.97 trillion naira ($9.9 billion) in revenue in the first half fell short of a goal of 2.29 trillion naira, Ogungbesan said.
“If we achieve our revenue targets, to a great extent government deficits will be reduced,” he said. “Our plan is to bring every business into the tax net, this economy can survive outside oil,” he noted.
Vanguard
“The plan is to increase to 10 percent this year, but we have to consult first with relevant stakeholders,” Sunday Ogungbesan, Acting Executive Chairman of the FIRS, told reporters.
FIRS will put more effort in meeting targets after its collection of 1.97 trillion naira ($9.9 billion) in revenue in the first half fell short of a goal of 2.29 trillion naira, Ogungbesan said.
“If we achieve our revenue targets, to a great extent government deficits will be reduced,” he said. “Our plan is to bring every business into the tax net, this economy can survive outside oil,” he noted.
Vanguard
