By Newsshelve Correspondent.
Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has categorically denied reports circulating that the Value-Added Tax (VAT) rate has been increased from 7.5% to 10%.
In a statement, Edun reaffirmed that the current VAT rate remains unchanged at 7.5%, as stipulated in relevant tax laws and applicable to a range of goods and services.
Edun emphasized that the government will not act contrary to established laws, highlighting the importance of a sound tax system built on three pillars: tax policy, tax laws, and tax administration.
He underscored the government’s focus on utilizing fiscal policy to promote sustainable economic growth, reduce poverty, and foster a conducive business environment.
Edun addressed concerns raised by media reports and opinion articles, clarifying that the government’s intention is not to burden Nigerians but rather to create a favorable environment for businesses to thrive.
He cited recent measures taken by the Federal Government to provide relief to Nigerians and businesses, including the suspension of import duties, tariffs, and taxes on essential food items like rice, wheat, and beans.
The Minister reiterated that the VAT rate remains unchanged at 7.5% and will continue to be applied to all applicable goods and services.
This statement aims to provide clarity and reassurance amidst misinformation and speculation surrounding the VAT rate.
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