Wale Edun
Edun insists VAT remains 7.5%, dismisses any increase
Wale Edun, Nigeria’s Minister of Finance and Coordinating Minister of the Economy, said the Value-Added Tax (VAT) rate remains 7.5% , dismissing any increase in VAT) rate to 10%.
The minister denied any increase in the VAT rate which is applicable to goods and services in the country.
According to him, “The current VAT rate is 7.5%, and neither the Federal Government nor any of its agencies will act contrary to what our laws stipulate.”
He said the priority of government is to use fiscal policy to promote sustainable economic growth, reduce poverty, and support businesses.
Consequently, the minister said the government recently halted import duties, tariffs, and taxes on food items to provide relief to Nigerians and businesses.
“For emphasis, VAT remains 7.5% and will be charged on all VAT-able goods and services,” he stressed.