Vice President Yemi Osinbajo has described the current five per
cent Value Added Tax rate in the country as very low, adding that the
Federal Government would increase the taxpayer base this year.
Osinbajo stated this on Thursday in Lagos in a keynote address at the 1st National Forum on the Economy organised by Vintage Press Limited, publishers of The Nation Newspapers.
VAT is a consumption tax payable on goods and services consumed by individuals, government agencies and business organisations.
The International Monetary Fund had last week reiterated its advice to the Federal Government to increase the VAT rate gradually.
Osinbajo stated this on Thursday in Lagos in a keynote address at the 1st National Forum on the Economy organised by Vintage Press Limited, publishers of The Nation Newspapers.
VAT is a consumption tax payable on goods and services consumed by individuals, government agencies and business organisations.
The International Monetary Fund had last week reiterated its advice to the Federal Government to increase the VAT rate gradually.
