FG assures Nigerians of non increment of tax rate

   Despite the dwindling oil revenue,federal government has assured Nigerians that it would not increase taxes.The Minister of Budget and National Planning, Senator Udo Udoma, disclosed this to State House correspondents at the Presidential Villa, Abuja at the end of a meeting of the National Economic Council presided over by Vice President Yemi Osinbajo.

The minister said, “We do not intend to increase the VAT rate at the moment, but we want to increase the collection rate from 20 per cent. We will also not raise the Corporate Tax, because we do not want to impose additional burden on Nigerians.

“Government’s position is, however, that those who make money and have not been paying taxes should pay. We expect at least 20 per cent increase in the tax collection rate, which is conservative in terms of our revenue projection.”

PUNCH