- Federal government plans to address low revenue profile by improving tax compliance, especially company income tax and widening the tax base
- Plan to increase VAT rate from 7.5% to 15% to increase tax revenue
- Nigeria’s tax-to-GDP ratio is currently one of the lowest in Sub-Saharan Africa at 10%
- President Tinubu’s administration inaugurated a fiscal and tax reforms committee to reform tax legislation and administration
- World Bank advised Nigeria to raise VAT rate to increase non-oil revenue and strengthen fiscal resources
Source: nairametrics.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.
