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Nigerians to pay more for goods and services over Proposed VAT increase

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Get ready to pay VAT on online transactions – FIRS tells Nigerians

Nigerians to pay more for goods and services over Proposed VAT increase – Nigerians may have to pay more for goods and services following a declaration by President Muhammadu Buhari that the Federal Government will increase Value Added Tax (VAT) by between 35 and 50 per cent.

FINANCIAL WATCH gathered the chairman of Federal Inland Revenue Service (FIRS), Babatunde Fowler, dropped the hint when he appeared alongside other top officials in the Federal Ministry of Finance before the Senate Committee on Finance in Abuja, to give details of the 2019-2021 Medium Term Expenditure Framework and Fiscal Strategy Paper.

If the Senate approves the proposal, VAT will rise from the current five per cent to between 6.75 and 7.25 per cent, with implications for prices of goods and services, which are expected to rise, spiking inflation and depressing consumer spending.

Already, operators in the organised private sector are worried that the proposed increase, expected to come into effect before the end of the year, will further affect the economy that has been described as struggling, even as firms are exploring measures to transfer costs to consumers.

Ezekiel Enejeta is a graduate of mass communication and a passionate journalist, his flair for writing has led him into pursuing a career in news reporting. He currently serve as the editor of Financial Watch. He can be contacted via phone call at 08141171945

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