VAT remains 7.5% – Wale Edun
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, on Monday, debunked claims that the rate for Value-Added Tax (VAT) has been upwardly adjusted to 10 per cent from 7.5 per cent.
In a statement on Monday, Wale Edun clarified that the current VAT rate, as stipulated in the country’s tax laws, remains at 7.5 percent.
He said: “The current VAT rate is 7.5% and this is what the government is charging on a spectrum of goods and services to which the tax is applicable.
The imputation in some media reports on the issue of VAT and the opinion articles that have sprouted from them seem to wrongly convey the impression that the government is out to make life difficult for Nigerians. That is not correct. If anything, the Federal Government has, through its policies, demonstrated that it is committed to creating a congenial environment for businesses to thrive.
“In fact, it is on record that the Federal Government, as part of efforts to bring relief to Nigerians and businesses, recently ordered the stoppage of import duties, tariffs and taxes on rice, wheat, beans and other food items.
“For emphasis, as of today, VAT remains 7.5% and that is what will be charged on all the goods and services that are VAT-able,” Edun said.
Therefore, neither the Federal Government nor any of its agencies will act contrary to what our laws stipulate.
