vat

2020 budget calculated on proposed 7.5% VAT

Do you know that our new budget for 2020 is calculated based on the proposed 7.5% Value Added Tax (VAT)?

Read this breaking report.

President Muhammadu Buhari says the 2020 budget is calculated on the proposed Value Added Tax of 7.5%.

The Federal Executive Council had recently approved the increment of the VAT from 5 per cent to 7.5 per cent.

The President said the additional revenue to be generated from the higher rate would be deployed in the health and education sectors as well as infrastructural programmes.

Skytrend Consulting recalls the Federal Government increased the Value Added Tax, (VAT) from 5 per cent to 7.5 per cent last month September. The minister of Finance had said then that consultations will begin at all levels on the review.

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