VAT rate to go up on selected luxury items to increase revenue

The Presidency is considering an increase in the rate of Value-Added-Tax (VAT) payable on some selected items.

Finance Minister, Mrs Zainab Ahmed, made this known at the unveiling of the Federal Government Strategic Revenue Growth Initiative in Abuja.

She explained that the proposed VAT increase will be on special items, and will approach the National Assembly for an amendment on VAT act.

The minister said that President Buhari had directed the finance ministry to generate more revenue to finance development projects.

Also, Nigeria Customs Service said it plans to introduce new excise duty this year.

Comptroller General of the Agency, retired Colonel Hameed Ali, said targeted items, include carbonated drinks because of its health implications.

He adds that service charges will also be introduced on goods being exported from Nigeria.

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