The presidential committee on fiscal policy and tax reforms says there is a need to review Nigeria’s value-added tax, VAT, rate upward.
Speaking at a policy exposure and impact assessment session organised by the committee, the Chairman, Mr Taiwo Oyedele said the VAT revenue-sharing formula would also be reviewed.
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He noted that Nigeria’s economy is more than 50 per cent in services, prompting an increase in VAT.
According to him, the review will not affect businesses. Nigeria’s VAT rate currently stands at 7.5 percent.
