We’re Proposing Law To Increase VAT To 10% –presidential Tax C’mtee - Politics

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We’re Proposing Law To Increase VAT To 10% –presidential Tax C’mtee - Politics - Nairaland

Nairaland Forum / Nairaland / General / Politics / We’re Proposing Law To Increase VAT To 10% –presidential Tax C’mtee (14381 Views)

Oyedele, Chair Of Presidential Tax Reform Committee, Resigns From PwC / Bola Tinubu Asks Osinbajo And FG Not To Increase VAT, Widen Tax Bracket Instead / Nigerian Government May Increase VAT To Fund New Minimum Wage (2) (3) (4)

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We’re Proposing Law To Increase VAT To 10% –presidential Tax C’mtee by iwaeda: 11:20am On Sep 03

Taiwo Oyedele, Chairman Presidential Fiscal Policy and Tax Reforms Committee, says the committee is proposing a law to the National Assembly to increase valued added tax from the current 7.5% to 10%.

Oyedele stated this during an interview on Channels TV’s Politics Today.

He also said his committee was working to consolidate multiple taxes in Nigeria to ensure tax reduction.

Oyedele added the tax law the committee drafted would be submitted to the National Assembly.

He said, “We have significant issues in our tax revenue. We have issues of revenue generally which means tax and non-tax. You can describe the whole fiscal system in a state that is in crisis.

“When my committee was set up, we had three broad mandates. The first one was to look at governance: our finances as a country, borrowing, coordination within the federal government and across sub-national.

“The second one was revenue transformation. The revenue profile of the country is abysmally low. If you dedicate our whole revenue to fixing roads it will be insufficient. The third is on government assets.

“The law we are proposing to the National Assembly has the rate of 7.5% moving to 10% from 2025. We don’t know how soon they will be able to pass the law. Then subsequent increases are also indicated in terms of the year they will kick in.

“While we are doing that, we have a corresponding reduction in personal income tax. Anybody that is earning about N1.5 million a month or less, they will see their personal income tax come down. Companies will have income tax rate come down by 30% over the next two years to 25%. That is a significant reduction.

“Other taxes they pay are quite many: IT levy, education tax, etc. All these we are consolidating into a single one. They will pay 4% initially. That will go down to 2& in the next few years.”

https://dailytrust.com/were-proposing-law-to-increase-vat-to-10-presidential-tax-cmtee/

4 Likes

Re: We’re Proposing Law To Increase VAT To 10% –presidential Tax C’mtee by CyrusVI(m): 11:28am On Sep 03

He should Tax us as much as he can

FG needs to generate as much money as they can and since FG isnt a commercial firm, the money can only come from us the citizen

2 Likes 10 Shares

Re: We’re Proposing Law To Increase VAT To 10% –presidential Tax C’mtee by Standing5(m): 11:29am On Sep 03

iwaeda:

Taiwo Oyedele, Chairman Presidential Fiscal Policy and Tax Reforms Committee, says the committee is proposing a law to the National Assembly to increase valued added tax from the current 7.5% to 10%.

https://dailytrust.com/were-proposing-law-to-increase-vat-to-10-presidential-tax-cmtee/

Textbook stunts. In a nation where value addition is almost alien to the system, someone is talking about raising value added taxes. People can barely afford to add value to what they cultivate or manage to produce.

We drink our cow milk as nunu with no value added. Take cocoa as powder with little value added. Eat corn cooked with little value. Export cocoa and import value added end products. Export crude and import value heavy petrol n diesel. What more can I say?

19 Likes 4 Shares

Re: We’re Proposing Law To Increase VAT To 10% –presidential Tax C’mtee by iwaeda: 11:29am On Sep 03

CyrusVI:
He should Tax us as much as he can

FG needs to generate as much money as they can and since FG isnt a commercial firm, the money can only come from us the citizen

We told you, he is only a tax collector, we were called names, Nlfpmod. Anyway in good mood, Gwo gwo gwo. cry

111 Likes 9 Shares

Re: We’re Proposing Law To Increase VAT To 10% –presidential Tax C’mtee by iwaeda: 11:30am On Sep 03

Standing5:

Textbook stunts.

6 Likes

Re: We’re Proposing Law To Increase VAT To 10% –presidential Tax C’mtee by madridguy(m): 11:31am On Sep 03

When we can hardly buy mere toiletries or even eat conveniently?

Is this madness or wickedness?

94 Likes 7 Shares

Re: We’re Proposing Law To Increase VAT To 10% –presidential Tax C’mtee by MadPolitician: 11:33am On Sep 03

This is what they meant when they say that "Tinubu built Lagos" It's nothing but operation TAX and SPEND. Just levy the people to death and reck in more money for more presidential jets and bullet proof cars. That is it. This was how they have orchestrated the highest tax regime anywhere in Africa on Lagos traders and businesses. They now want to add more burden to the loads of already dying Nigerians.

APCs whole socioeconomic ideology revolves around "DEVIDE and RULE" and "TAX and SPEND".

They have increased import duties, left the exchange rate to whatever they call "market forces", removed fuel subsidies which helped to reduce the cost of moving goods from one destination to the other. Now they will increase VAT. Tomorrow, they will send their thugs to the markets to fight with traders who are being accused of raising the selling prices of goods. How do you do all these violence to the economic stability of the nation and never expect any sort of inflation?

78 Likes 6 Shares

Re: We’re Proposing Law To Increase VAT To 10% –presidential Tax C’mtee by Standing5(m): 11:34am On Sep 03

madridguy:
When we can hardly buy mere toiletries or even eat conveniently?

Is this madness or wickedness?

We??

48 Likes 5 Shares

Re: We’re Proposing Law To Increase VAT To 10% –presidential Tax C’mtee by iwaeda: 11:35am On Sep 03

madridguy:
When we can hardly buy mere toiletries or even eat conveniently?

Is this madness or wickedness?

APC is your love. Anyway, it will favour me and my family. grin

78 Likes 4 Shares

Re: We’re Proposing Law To Increase VAT To 10% –presidential Tax C’mtee by AfonjaConehead: 11:41am On Sep 03

madridguy:
When we can hardly buy mere toiletries or even eat conveniently?

Is this madness or wickedness?

Kindly shut up there and be a good citizen and pay ya tax,thank you very much

85 Likes 2 Shares

Re: We’re Proposing Law To Increase VAT To 10% –presidential Tax C’mtee by AfonjaConehead: 11:42am On Sep 03

Standing5:
We??

🤣🤣🤣🤣🤣

4 Likes

Re: We’re Proposing Law To Increase VAT To 10% –presidential Tax C’mtee by fuckingAyaya(m): 11:50am On Sep 03

CyrusVI:
He should Tax us as much as he can

FG needs to generate as much money as they can and since FG isnt a commercial firm, the money can only come from us the citizen

people that started before you have all ran out of steam when reality hit them badly, they now resort to saying 'Toh' goodluck on your 30k adventure na here all of us dey.

96 Likes 8 Shares

Re: We’re Proposing Law To Increase VAT To 10% –presidential Tax C’mtee by Nbote(m): 11:54am On Sep 03

"Slow down the economy, widen the tax net"
Lol

32 Likes 2 Shares

Re: We’re Proposing Law To Increase VAT To 10% –presidential Tax C’mtee by fuckingAyaya(m): 11:55am On Sep 03

madridguy:
When we can hardly buy mere toiletries or even eat conveniently?

Is this madness or wickedness?

Omo them supposed blow off ur head with KALA for complaining, They warned you for good 8years but you called them wailers now u complaining. Abi them don comot you for 30k payroll? You brain don dey align together?

96 Likes 9 Shares

Re: We’re Proposing Law To Increase VAT To 10% –presidential Tax C’mtee by flexydote(m): 12:05pm On Sep 03

I expected nothing less for a man who monopolized Lagos with taxpayers money. What happened to implementing the new minimum wage.

18 Likes 2 Shares

Re: We’re Proposing Law To Increase VAT To 10% –presidential Tax C’mtee by greenermodels: 12:08pm On Sep 03

That's more than 33% increase! The inflationary effect would be massive given that the economy is already badly affected by inflationary pressures, does the government want the economy to be permanently under recession? Inflation might reach 100% once they increase Vat by over 33%.

10 Likes 2 Shares

Re: We’re Proposing Law To Increase VAT To 10% –presidential Tax C’mtee by greenermodels: 12:11pm On Sep 03

madridguy:
When we can hardly buy mere toiletries or even eat conveniently?

Is this madness or wickedness?

Sense don de enter your head now. Greetings from more inflation.

33 Likes 2 Shares

Re: We’re Proposing Law To Increase VAT To 10% –presidential Tax C’mtee by happney65: 12:14pm On Sep 03

Abeg I no fit laugh jare

2 Likes 1 Share

Re: We’re Proposing Law To Increase VAT To 10% –presidential Tax C’mtee by aariwa(m): 12:19pm On Sep 03

Tinubu with his clueless and very poor leadership is bent on turning his beloved supporters not only into extreme paupers but full blown ebinpawa almajiris

15 Likes 2 Shares

Re: We’re Proposing Law To Increase VAT To 10% –presidential Tax C’mtee by erico2k2(m): 12:21pm On Sep 03

iwaeda:

https://dailytrust.com/were-proposing-law-to-increase-vat-to-10-presidential-tax-cmtee/

make it 20%

4 Likes 1 Share

Re: We’re Proposing Law To Increase VAT To 10% –presidential Tax C’mtee by Hambivert: 12:21pm On Sep 03

There have been no positive achievement since Tinubu's led APC government assumed office, so now he has to increase IGR and ceremoniously tag it his achievement.

This is Tinubu's led Lagos State model, rinse and repeat.

16 Likes 1 Share

Re: We’re Proposing Law To Increase VAT To 10% –presidential Tax C’mtee by Ozommadu: 12:21pm On Sep 03

madridguy:
When we can hardly buy mere toiletries or even eat conveniently?

Is this madness or wickedness?

After supporting someone as clueless as buhari for 8 wasted years, the only next thing good for the country you so much love is to support a colossal failure tinubu??

You are the problem

35 Likes 4 Shares

Re: We’re Proposing Law To Increase VAT To 10% –presidential Tax C’mtee by Forumites: 12:21pm On Sep 03

madridguy:
When we can hardly buy mere toiletries or even eat conveniently?

Is this madness or wickedness?

😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂

E don happen. 😂😂😂😂

26 Likes 3 Shares

Re: We’re Proposing Law To Increase VAT To 10% –presidential Tax C’mtee by advocatejare(m): 12:21pm On Sep 03

Why not kuku kill everyone?

7 Likes 1 Share

Re: We’re Proposing Law To Increase VAT To 10% –presidential Tax C’mtee by Amigoss: 12:22pm On Sep 03

No surprises,just as expected....Tinubu wey fit multitax corpse,Bunch of Owo mi da's on suit and agbada.....IGR on fleek,pump it!!!!!!!!!!

His governance style is IGR and INSHALLAH embarassed

16 Likes 1 Share

Re: We’re Proposing Law To Increase VAT To 10% –presidential Tax C’mtee by Chigozie321: 12:22pm On Sep 03

APC and Tinubu won't rest until until they kill all Nigerians.

Truly, he is an overfed father of starving children.

What have we done to deserve this level of brutality? What exactly is our offence?

Fuel, food, medicine, education are no longer within reach.

Just one year and the country has turned upside down.

14 Likes 2 Shares

Re: We’re Proposing Law To Increase VAT To 10% –presidential Tax C’mtee by SmellingAnus(m): 12:22pm On Sep 03

It is finished

4 Likes 1 Share

Re: We’re Proposing Law To Increase VAT To 10% –presidential Tax C’mtee by DoctorShomo: 12:22pm On Sep 03

Again?

4 Likes

Re: We’re Proposing Law To Increase VAT To 10% –presidential Tax C’mtee by Artscollection: 12:22pm On Sep 03

Chai!! Continue ronu crew are dying silently. Voting this vampire is tantamount to suicide because those idiots will be dying slowly.

8 Likes 1 Share

Re: We’re Proposing Law To Increase VAT To 10% –presidential Tax C’mtee by motionarena: 12:22pm On Sep 03

Mumu country
You want to operate similar economy to Europe and US, On top a useless minimum wage.

Everybody is crying and wailing about the situation of the economy can hardly see anyone who is happy with what is going on.

But come 2027 una go still troop vote Jagaban for second term.

No be juju be that!

16 Likes 2 Shares

Re: We’re Proposing Law To Increase VAT To 10% –presidential Tax C’mtee by Onyinyeperpetua: 12:22pm On Sep 03

This is an overkill

9 Likes 1 Share

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