FG proposes law to increase VAT from 7.5% to 10%

Taiwo Oyedele, the Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, on Tuesday, disclosed that the committee is currently proposing a law to the nation’s legislative body to increase value-added Added Tax, VAT, from the current 7.5 per cent to 10 per cent.

Oyedele, while speaking on Channels TV’s Politics Today, stated that the presidential tax committee was working to consolidate multiple taxes in Nigeria to ensure tax reduction, adding that a draft tax law would soon be submitted to the National Assembly.

“The law we are proposing to the National Assembly has a 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,” he said.