FEC Approves Increase in Vat Rate to 7.2%
Channel: Plus TV Africa
Date: 2019-09-16

The Federal Executive Council approved 7.2 percent as the country's new Value Added Tax rate, up from the current 5 percent.
The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, has however said consultations were ongoing over when the new rate would apply.
Recall that the federal government retains 15 percent of the VAT; 50% for the state and local governments gets 35%.
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