Igberetv reports that the Federal Government clarified that it proposed 7.5 Percent increse in Value Added Tax (VAT) and not 7.2 percent which is being circulated on the media.

The Special Adviser, Media and Communications, to the Minister of Finance, Budget and National Planning, Mr. Yunusa Tanko Abdullahi, said in a statement that the proposed VAT increase “from 5 percent to 7.5 percent is sequel to the recommendation of the Presidential technical advisory committee.”

He said that the increase, if correctly implemented, could bring in huge revenues, which would actually reduce the fiscal deficit burden.

He further stated that the Federal Government had earlier in the year set up a technical advisory committee comprising competent and leading economists from both public and private sectors chaired by an Economist, Mr. Bismack Rewane.









http://igberetvnews.com/988416/vat-fg-says-it-proposed-7-5-percent-increase-not-7-2-percent/

The truth is no serious country has VAT below 15%

mrvitalis:
The truth is no serious country has VAT below 15%

Another truth is no serious country pegs it's national minimum wage at less than $100.

Xtopherprince:


Another truth is no serious country pegs it's national minimum wage at less than $100.

No serious country have Budget/GDO ratio below 30% we are 7 ......so we pay the tax before minimum wage increase

I'm not bothered with these economic jargons. What I know is if we had a legislature this wouldn't have happened. I'm just praying to God that I should be able to afford basic necessities this Christmas

mrvitalis:

No serious country have Budget/GDO ratio below 30% we are 7 ......so we pay the tax before minimum wage increase

No serious country tax it's citizen without providing enabling environment for them..

How do you want the citizen to pay tax when there's structure and data base? No basic amenities, no future plan for the country..

It is a sorry situation for Nigerians. It seems the suffering the masses has been through in the hands to this inept government is not enough already. Why do they want to further burden the already poor struggling masses with an increase in VAT? Whoever is advising this government is a pure wasted a**hole

nickyvil:


No serious country tax it's citizen without providing enabling environment for them..

How do you want the citizen to pay tax when there's structure and data base? No basic amenities, no future plan for the country..

The once who don't have should be the biggest beneficiary of taxing ....taxing is based on how u spend and basic goods n drugs are not taxed

How do u want nigeria to grow ,when out national budget is less than some hospitals abroad

mrvitalis:

The once who don't have should be the biggest beneficiary of taxing ....taxing is based on how u spend and basic goods n drugs are not taxed

How do u want nigeria to grow ,when out national budget is less than some hospitals abroad

Ask yourself this question please...
The government want local and foreign investor to invest ant grow the economy right?.. Do you think the investor won't at one point in time think about relocating??, no basic amenities, no constant electricity yet the tariff gone high at the end , they they pay more for not getting basic things.. Is that not a day robbery from the government

mrvitalis:

No serious country have Budget/GDO ratio below 30% we are 7 ......so we pay the tax before minimum wage increase

I thought VAT was the bone of contention here, when did it switch to tax?

Xtopherprince:


I thought VAT was the bone of contention here, when did it switch to tax?

Vat is a form of tax na

Egbere, you are the same media that fed us the first news.. How are we going to believe this now?

nickyvil:


Ask yourself this question please...
The government want local and foreign investor to invest ant grow the economy right?.. Do you think the investor won't at one point in time think about relocating??, no basic amenities, no constant electricity yet the tariff gone high at the end , they they pay more for not getting basic things.. Is that not a day robbery from the government

How do u get those amenites
I have never been a fan of FDI
Im a believer in Africapitalisim

Reason i want us to go back to regional government ,im sure my igbo nation would do well

mrvitalis:
The truth is no serious country has VAT below 15%

Always compare likes with likes

surgical:
Always compare likes with likes

Kenya has it at 16%
Should i tell u ghana is 15%

Are they not likes enough

mrvitalis:
The truth is no serious country has VAT below 15%

USA has zero V.A.T, Chinese standard V.A.T is 6%, India 5% and Japan is 8%.

ChristianEast:

USA has zero V.A.T, Chinese standard V.A.T is 6%, India 5% and Japan is 8%.

USA has a different taxing system they dont do VAT
In china its 16%
Uk ,germany and france its 20%

mrvitalis:

USA has a different taxing system they dont do VAT
In china its 16%
Uk ,germany and france its 20%

China has 3 VAT regimes, 6%, 11% and 17% but government subsidized exports.

USA don't do V.A.T.

A country that doesn't provide basic amenities don't have right to ask the citizens for tax.

The standard practice is "you provide the infrastructure first, then we pay tax"

That is why we have capital loans. Take those loans, fix power, transport system, health system, security and social services then we pay tax.

Nobody in this country will complain about tax if the basic amenities are in place.

Do your work, then get paid.

British are not complaining about their heavy taxes because they are enjoying certain benefits whose true costs are below the amount they pay for in taxes.

They were not taxed before those amenities were put in place.

ChristianEast:

China has 3 VAT regimes, 6%, 11% and 17% but government subsidized exports.

USA don't do V.A.T.

A country that doesn't provide basic amenities don't have right to ask the citizens for tax.

The standard practice is "you provide the infrastructure first, then we pay tax"

That is why we have capital loans. Take those loans, fix power, transport system, health system, security and social services then we pay tax.

Nobody in this country will complain about tax if the basic amenities are in place.

Do your work, then get paid.

British are not complaining about their heavy taxes because they are enjoying certain benefits whose true costs are below the amount they pay for in taxes.

They were not taxed before those amenities were put in place.

Where would the money to provide basic amenites come from

mrvitalis:

Where would the money to provide basic amenites come from

Government has other sources of revenue excluding citizens' taxes.

Corporate taxes, royalties, fines, government business operations, loans are sources of revenue.

Give us power, then we pay tax

ChristianEast:

Government has other sources of revenue excluding citizens' taxes.

Corporate taxes, royalties, fines, government business operations, loans are sources of revenue.

Give us power, then we pay tax

None cone close to citizens tax

mrvitalis:

None cone close to citizens tax

You must be joking.

Oil revenue (royalties) in a year will wipe out Nigeria's income tax revenue in 5 years.

Income tax doesn't even come close to revenue from tariffs.

Income tax is trailing corporate income tax and capital gain tax combined.

Nwanne, wetin you dey talk?

nickyvil:


No serious country tax it's citizen without providing enabling environment for them..

How do you want the citizen to pay tax when there's structure and data base? No basic amenities, no future plan for the country..

if truly nigerians are jobless like those idiotic pigs, they wil not pay the tax, and idiotic pigs wil not complain becos they are jobless and jobless people dont pay tax

ChristianEast:

You must be joking.

Oil revenue (royalties) in a year will wipe out Nigeria's income tax revenue in 5 years.

Income tax doesn't even come close to revenue from tariffs.

Income tax is trailing corporate income tax and capital gain tax combined.

Nwanne, wetin you dey talk?

Oga we produce 2 million barrel per day at best
Cost of production is 27 dollars
Price is say 65 dollars so profit is 38 dollars
Nigerian own 55% of than
In one year thats 15 billion dollars

Nigerian GDP is 450 billion dollars ...so a 15% VAT should give u nothing less than 60 billion dollars if don't right

So oga i know what im saying

mrvitalis:
The truth is no serious country has VAT below 15%

How was the country surviving with 2.5% under pdp govt?

mrvitalis:

Oga we produce 2 million barrel per day at best
Cost of production is 27 dollars
Price is say 65 dollars so profit is 38 dollars
Nigerian own 55% of than
In one year thats 15 billion dollars

Nigerian GDP is 450 billion dollars ...so a 15% VAT should give u nothing less than 60 billion dollars if don't right

So oga i know what im saying

Keep quiet, wen the govt at hand don't know how to generate money... Keep borrowing and nothing to show for it... Den why borrow almost 2trillion for 2020 budget and still increase VAT.

Pavarottii:

How was the country surviving with 2.5% under pdp govt?

First it was 5% secondly im right now anti buhari
But did we make progress under PDP ?
Dont u want to be like Brazil ? Tax is the only way

Pavarottii:

Keep quiet, wen the govt at hand don't know how to generate money... Keep borrowing and nothing to show for it... Den why borrow almost 2trillion for 2020 budget and still increase VAT.

Now u have resulted to insult ...i no longer support Buhari but truth is truth

The rich must be taxed ,Vat increased ,subsidy removed ,income and luxury tax implemented if we must progress

U cant progress unless we get 30% of our GDP as revenue

mrvitalis:

Now u have resulted to insult ...i no longer support Buhari but truth is truth

The rich must be taxed ,Vat increased ,subsidy removed ,income and luxury tax implemented if we must progress

U cant progress unless we get 30% of our GDP as revenue

Didn't insult u, I asked u how has the pdp govt surviving at 2.5 % tax with less borrowing?

mrvitalis:

First it was 5% secondly im right now anti buhari
But did we make progress under PDP ?
Dont u want to be like Brazil ? Tax is the only way

Did I hear u say we didn't make progress under pdp?

Pavarottii:

Didn't insult u, I asked u how has the pdp govt surviving at 2.5 % tax with less borrowing?

We didnt survive we pushed dooms day

Pavarottii:

Did I hear u say we didn't make progress under pdp?

Did we ?