Close Menu

    Subscribe to Updates

    Get the latest creative news from FooBar about art, design and business.

    What's Hot

    Oto-Awori: Lagos Council Boss Dies After Prolonged Illness

    June 14, 2025

    Agric Ministry Suspends Prayer Sessions For Food Security After Backlash From Nigerians

    June 14, 2025

    Arise Sir David! Football Legend David Beckham Becomes A Knight

    June 13, 2025
    Facebook X (Twitter) Instagram
    Trending
    • Oto-Awori: Lagos Council Boss Dies After Prolonged Illness
    • Agric Ministry Suspends Prayer Sessions For Food Security After Backlash From Nigerians
    • Arise Sir David! Football Legend David Beckham Becomes A Knight
    • Why Presidential Pardon Is Unnecessary In Iboriโ€™s Case
    • Ondo Governor, Aiyedatiwa Nominates 12 Commissioners
    • Tinubu Condoles Indian PM, Narendra Modi Over Ahmedabad Plane Crash
    • Zombie: Fela Anikulapo-Kuti Inducted Into 2025 Grammy Hall Of Fame
    • June 12: Nigeria Cannot Be Said To Be In A Democracy โ€“ Peter Obi
    Facebook X (Twitter) Instagram
    TheScrutinyNG
    Subscribe
    Sunday, June 15
    • Home
    • Politics
    • Business
    • News
      • World News
    • Sports
    • Interviews
    • Opinion
    • Entertainment
    • Columnists
    • ABOUT US
    TheScrutinyNG
    Home ยป Finance Minister, Edun Refutes 10% VAT Increase, Says VAT Remains At 7.5%
    2 Mins Read6 ViewsSeptember 9, 2024

    Finance Minister, Edun Refutes 10% VAT Increase, Says VAT Remains At 7.5%

    By TheScrutinyNGSeptember 9, 2024No Comments6 Views2 Mins Read
    Share Facebook Twitter Pinterest LinkedIn Tumblr Email
    Share
    Facebook Twitter LinkedIn Pinterest Email

    Mr. Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, on Monday, dismissed circulating reports that the Value-Added Tax (VAT) rate has been increased from 7.5% to 10%.

    In a statement signed by him, the Minister confirmed that the VAT rate remains at 7.5%, as stipulated by current tax laws.

    โ€œThe current VAT rate is 7.5% and this is what the government is charging on a spectrum of goods and services to which the tax is applicable. Therefore, neither the Federal Government nor any of its agencies will act contrary to what our laws stipulate.

    โ€œThe tax system stands on a tripod, namely tax policy, tax laws and tax administration. All the three must combine well to give us a sound system that gives vitality to the fiscal position of the government.

    โ€œOur focus as a government is to use fiscal policy in a manner that promotes and enhances strong and sustainable economic growth, reduces poverty as well as makes businesses flourish.

    โ€œThe imputation in some media reports on the issue of VAT and the opinion articles that have sprouted from them seem to wrongly convey the impression that the government is out to make life difficult for Nigerians. That is not correct. If anything, the Federal Government has, through its policies, demonstrated that it is committed to creating a congenial environment for businesses to thrive.

    โ€œIn fact, it is on record that the Federal Government, as part of efforts to bring relief to Nigerians and businesses, recently ordered the stoppage of import duties, tariffs and taxes on rice, wheat, beans and other food items.

    โ€œFor emphasis, as of today, VAT remains 7.5% and that is what will be charged on all the goods and services that are VAT-able,โ€ Edun said.

    Author

    • TheScrutinyNG
      TheScrutinyNG

      View all posts
    VAT Wale Edun
    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
    TheScrutinyNG
    • Website

    Related Posts

    Featured

    Oto-Awori: Lagos Council Boss Dies After Prolonged Illness

    June 14, 2025
    Environment

    Agric Ministry Suspends Prayer Sessions For Food Security After Backlash From Nigerians

    June 14, 2025
    Breaking News

    Arise Sir David! Football Legend David Beckham Becomes A Knight

    June 13, 2025
    Breaking News

    Why Presidential Pardon Is Unnecessary In Iboriโ€™s Case

    June 13, 2025
    Breaking News

    Ondo Governor, Aiyedatiwa Nominates 12 Commissioners

    June 13, 2025
    Aviation

    Tinubu Condoles Indian PM, Narendra Modi Over Ahmedabad Plane Crash

    June 12, 2025

    Subscribe to News

    Get the latest sports news from NewsSite about world, sports and politics.

    Editor's Picks

    Oto-Awori: Lagos Council Boss Dies After Prolonged Illness

    June 14, 2025

    Agric Ministry Suspends Prayer Sessions For Food Security After Backlash From Nigerians

    June 14, 2025

    Arise Sir David! Football Legend David Beckham Becomes A Knight

    June 13, 2025

    Why Presidential Pardon Is Unnecessary In Iboriโ€™s Case

    June 13, 2025
    Latest Posts
    Advertisement
    Facebook X (Twitter) Pinterest Vimeo WhatsApp TikTok Instagram

    News

    • World
    • US Politics
    • EU Politics
    • Business
    • Opinions
    • Connections
    • Science

    Company

    • Information
    • Advertising
    • Classified Ads
    • Contact Info
    • Do Not Sell Data
    • GDPR Policy
    • Media Kits

    Services

    • Subscriptions
    • Customer Support
    • Bulk Packages
    • Newsletters
    • Sponsored News
    • Work With Us

    Subscribe to Updates

    Get the latest creative news from FooBar about art, design and business.

    ยฉ 2025 The Scrutiny. Designed by Design Streams.

    • Privacy Policy
    • Terms
    • Accessibility

    Type above and press Enter to search. Press Esc to cancel.