Business Nigeria: RMAFC Wants FG to Increase VAT by 50%


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LequteMan

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The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has called on the federal government to increase Value Added Tax (VAT) by 50%, Daily Trust.

This will see VAT on all consumer goods increase from the current 5% to 7.5%.

This action will help government generate more revenue, Chairman of RMAFC, Mr Shettima Gana said yesterday at a two-day National Revenue Retreat in Kano.

The disclosure is coming on the heels of experts warning against increase in VAT and other forms of taxes at the prevailing economic situation.
 

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