CENTRE for Social Justice (CSJ) has asked Federal Inland Revenue Service (FIRS) to expand the tax net for the proposed increase in the rate of Value Added Tax (VAT) to meaningfully impact on the economy.
“The way forward is to ensure that all persons liable to VAT, collect and remit the same to the appropriate authorities,” CSJ said in a statement made available to Tribune Online. The statement endorsed by Lead Director, Eze Onyekpere Esq commended the decision to increase in VAT from the current rate of five per cent to 7.2 per cent. “This will increase available resources for budget implementation and development across the three tiers of government. “We recall that Nigeria’s tax to gross domestic product (GDP) ratio is one of the lowest in the world and indeed in the West African sub-region. “We further recall that Nigeria’s VAT rate is one of the lowest in the sub-region.
Source: Headlines
