National Assembly Considers Bill to Raise VAT by 2.5% in 2025: Implications for Consumers and Businesses

• National Assembly considering bill to increase VAT by 2.5% in 2025
• VAT may increase from 7.5% to 10% by 2025 and to 12.5% by 2026 through 2029
• Speculations about government’s intention to raise VAT rates have been intense
• Minister of Finance denied rumors of VAT increase in September
• New bill also includes cuts in corporate income tax rates
• Companies with less than N20 million exempt from paying CIT

Source: economicconfidential.com

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.

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