Nigeria’s Vat Regime Still Africa’s Lowest, Says Osinbajo

Vice president Yemi Osinbajo has said that the raise in the rate of value added-tax in Nigeria from five per cent to seven point five is still the lowest in Africa.

Osinbajo spoke on the issue in Lafia while inaugurating the national micro-small and medium enterprises clinic.

The vice president acknowledges the complaints in some quarters that the 7.5 percent vat is higher tax burden on consumers.

He, however, points to Ghana which is charging 12.5 per cent vat, adding that the new vat regime will not affect low income earners, while business over less than n25 million turnover is exempted.

Osinbajo also explains that several basic items such as educational items drug and foods are exempted from vat payment.

 

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