Nigeria's apex revenue collection body, The Federal Inland Revenue Service (FIRS) on Wednesday refuted report of planned increment of Value Added Tax (VAT) by 50 per cent to meet up payment of the newly proposed minimum wage.

Mr Wahab Gbadamosi who is the Head, Communication and Servicom Department, made this known in a statement in Abuja. The Minister of Budget and National Planning, Sen. Udo Udoma and Dr Babatunde Fowler, FIRS Chairman, had appeared before Senate Committee on Finance at the 2019-2021 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper ((PSP) interactive meeting on Tuesday.

Gbadamosi explained that at the meeting, Fowler had called for an increase in the number of Nigerians and companies paying VAT and not a 50 per cent increase in VAT rate as reported. He said that contrary to reports in the media, the FIRS Chairman called for a reduction in Companies Income Tax (CIT) rate for small businesses so as to improve compliance.
“Though he indicated that there should be an increase in VAT rate by the end of the year, he never for once suggested a 50 per cent hike of any percentage increase at all.

“Rather, he promised improved collection in CIT, Petroleum Profits Tax, PPT and VAT in 2019 relative to the collection performance of the Service in 2018,” he said. (NAN)

SOURCE: https://www.trendingaccounting.com/2019/03/firs-dismisses-report-of-50-vat-increase.html

Okay

Thank God o

Anybody that does not verify news in this PDP fake news era before believing and spreading it is on his own. The Dubai failed strategy is very much alive to make their gullible supporters happy.

If you think am lying ask Atiku lawyers.

Okay

I don't know what to Believe anymore.
Na wa for 9ja.

Okay

We said that is not possible 2 days ago, while some certain people were here dancing to the news as usual.
Shameless people.

Strategy to prepare us for the increase

They are already using style to prepare our minds for the increase in VAT.

Las las all will be well

Is not possible ,so this kina rumor don't freak me

Poor people to pay tax for big people and politicians to spend abi. As if they will pay that salary on time.

Hi

Nigeria and fake news nowadays

No need denying it. We all know the news was invented by the hopeless bandits in Wadata Wailing Plaza as part of their Dubai strategy.

If you doubt it, ask cursedAbiola.

Dannyset:
Anybody that does not verify news in this PDP fake news era before believing and spreading it is on his own. The Dubai failed strategy is very much alive to make their gullible supporters happy.

If you think am lying ask Atiku lawyers.

Hahaha, u know dem too.
Dem dey too gullible.

cursedAbiola:
i won't be provoked to insult you
I'll rather report to the mods instead

wetin dis one dey report?
Who collect ur biscuit?
Yeye ngadaAwo, dat is suddenly now wearing skirt all over the forum, faking as a gal.
coward.

Watching vampire movies at night can be very sweet until NEPA takes light and your front door open by itself
Boom!���

All that matters here is that VAT will be increased to fund the salary of the civil servant, be it 50% or not, this government is satanic.

Right from the days of APC and Buhari their days, rule and all a e EVIL.


It will never be well with them.


If they increase it, I will increase cost of my services shikina!!!!

Who will cry Those that shout Next Level Change...

post=76843904:
We said that is not possible 2 days ago, while some certain people were here dancing to the news as usual.
Shameless people.

I bet like most people, you too, didn't bother to read the news. The report says it will still be increased, but at the end of the year.

We'll all feel the brunt. So this is not a PDP vs APC issue.

zicoraads:

I bet like most people, you too, didn't bother to read the news. The report says it will still be increased, but at the end of the year.

We'll all feel the brunt. So this is not a PDP vs APC issue.

show us where u saw 50% increase at d end of d year.
use glasses abeg

They'll eventually increase it without us knowing

Lol... You will soon hear they have increased tax by 50% and Nigerians would accept it like that because they would say is pdp that caused our hardship ... We never get sense for this country

In every rumours, there's truth in it. Let's watch out for the coming days or years. Definitely, VAT will be increased. May not be upto 50%, but will be increased.

Las Las they are just preparing our mind for the VAT increase...

Selfishness go kill this Stupid Government

Okay. Let's keep watching anyways.

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