FG to increase VAT to 10 percent

Nigeria plans to double the value-added tax rate to 10 per cent this year to help shore up government revenue eroded by the declining price of oil, the country’s main export, the Federal Inland Revenue Service said.
“The plan is to increase to 10 percent this year, but we have to consult first with relevant stakeholders,” Sunday Ogungbesan, Acting Executive Chairman of the FIRS, told reporters.