UPDATED: Buhari signs Finance Bill, approves 7.5% VAT increase

UPDATED: Buhari signs Finance Bill, approves 7.5% VAT increase

“These objectives are; promoting fiscal equity by mitigating instances of regressive taxation; Reforming domestic tax laws to align with global best practices;

“Others are; Introducing tax incentives for investments in infrastructure and capital markets; Supporting Micro, Small and Medium-sized businesses in line with our Ease of Doing Business Reforms; and Raising Revenues for Government.

“The draft Finance Bill proposes an increase of the VAT rate from five per cent to 7.5 per cent , as such, the 2020 Appropriation Bill is based on this new VAT rate,” he said.

With the assent, according to Adesina, there would be more revenue to finance key government projects especially in the areas of health, education and critical infrastructure.

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