CUPP sues FG over VAT increase, borrowing, others
The Coalition of United Political Parties, on Tuesday, said it has, through one of its alliance party members, Action Peoples Party, commenced legal action in the Federal High Court over the increase in Valued Added Tax and other policies allegedly capable of unleashing sufferings on Nigerians. The Federal Government had recently announced its plan to increase VAT from 5 per cent to 7.5 per cent. The CUPP spokesman, Mr. Imo Ugochinyere, in a statement, said the suit was aimed at bringing succour to Nigerians, who he said, had already been traumatised and impoverished. He alleged that Nigerians were daily being
Budget 2020: 10 Food Items Exempted From VAT
The Value Added Tax (VAT) Act in Nigeria exempts pharmaceuticals, educational items, and basic commodities. President muhammadu while presenting the 2020 budget at the National Assembly on Tuesday, stated that VAT exemptions are expanding under the Finance Bill, 2019. He noted specifically that section 46 of the Finance Bill, 2019 expands the exempt items to include some more items including food. Below are some of the items that are exempted from the VAT act. a. Brown and white bread; b. Cereals including maize, rice, wheat, millet, barley and sorghum; c. Fish of all kinds; d. Flour and starch meals; e.
Nigerians kick as Buhari’s administration proposes 5% online purchase tax
Nigerians have condemned the Federal Government’s proposed five per cent Value Added Tax (VAT) on online purchases. The government said the move to raise revenue to fund the 2019 N8.9 trillion budget. The Executive Chairman of the Federal Inland Revenue Service (FIRS), Babatunde Fowler, said the government might appoint banks as agents to deduct five per cent VAT on all local online purchases with a bank card. In an interview, Fowler said the policy could be in place by early next year. Fowler, however said the preferred choice for the government would be expanding the country’s tax base rather than
