- Experts warn against increasing VAT in Nigeria to generate more revenue
- Proposal to increase VAT to 15% from current 7.5% to fund fiscal deficit and debt service obligations
- Concerns raised about impact on investors, businesses, profit margins, investment growth, consumer purchasing power, and competitiveness
- Suggestions to improve VAT collection efficiency and expand range of goods and services subject to VAT
- Resistance to VAT increase due to economic instability, exchange rate volatility, and removal of fuel subsidy
- Need for government to implement fiscal policy interventions to cushion the effect of VAT increase on cost of consumption and doing business in Nigeria
Source: guardian.ng
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
