Скачать или смотреть 7.5% VAT Increase: Who bears the burden more?

The Nigerian Senate has approved an increase in the value-added tax rate to 7.5% from 5%.

This was part of the financial bill, 2019, passed by the red chamber, and it has been generating reactions.

Even senators are divided over the VAT increment. Some say it would worsen the suffering and pains Nigerians are currently experiencing.

Many are worried that the planned VAT increment will lead to a sharp increase in the prices of goods and services, especially food items, which would consequently affect the country’s inflation rate.

Reacting to the development, civil servants say the increased minimum wage is a Greek gift that will be retrieved through VAT increment.

If the 7.5% VAT increment is implemented, it is expected to generate about N2 trillion into the government treasury in 2020.

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