FG to increase VAT(Value added tax) from 5% to 10% -FIRS

    In the face of the dwindling crude oil price,the federal government of Nigeria plans on increasing VAT payment from 5% to 10%.

  FIRS chairman Mr. Sunday Ogungbesan, said: “Federal Government would soon take a decision on the VAT system after engaging with stakeholders  on the need to increase it in order to make up for the shortfall in crude oil revenue. The plan is to increase to 10 percent this year but we have to consult first with relevant stakeholders.”