1 week ago
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The Nigerian Government through the Presidential Committee on Fiscal Policy and Tax Reforms has said it targets zero-rated tax on food items.
The Chairman of the Committee, Taiwo Oyedele disclosed this during an interview with Channels Television.
According to him, the country plans to ease the burden placed by the Value Added Tax on the poorest people.
“Even the VAT system was placing too much burden on the poorest people.
“For example, you had food items, some of them were exempted.
“So we’ve decided that food should not just be exempted, it should be zero rated”, he stated.
Meanwhile, Oyedele announced that plans are on the way to propose a law that would increase VAT from 7.5 percent to 10 percent.
His statement came at the time the Nigerian National Petroleum Company Limited increased the pump price of Premium Motor Spirit (Petrol) to N897 and N855 on Tuesday from N617 per liter.
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