How new VAT rate will impact economy


The received wisdom out there is that the proposed new rate applied for the Value Added Tax and which awaits passage by the lower legislative chambers after their counterparts’ endorsement may have negative ripple effects on the economy. But for discerning Nigerians, there is a lot to still cheer about in the economy despite the seeming challenges, reports Ibrahim Apekhade Yusuf

 

Opinions are divided as to whether the new increase of 7.5% on VAT is a good idea judging by the pent up emotions being expressed in some quarters.

It may be recalled that Nigeria’s Senate on 21 November 2019 passed the Finance Bill, 2019 after the third reading just as the House of Representative is expected to kowtow.

The bill, as presented to the National Assembly in October 2019, includes measures…



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