Finance Minister and Coordinating Minister of the Economy, Wale Edun, has dismissed rumours of an imminent increase in the Value-Added Tax (VAT) rate from 7.5% to 10%.
In a statement released on Monday, Edun clarified that the VAT rate remains firmly at 7.5%, as stipulated by Nigerian tax laws.
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“The current VAT rate is 7.5%, and this is what the government charges on applicable goods and services. Neither the Federal Government nor any of its agencies will act contrary to what our laws dictate,” Edun affirmed.
He further explained the importance of a balanced tax system, highlighting its foundation on three pillars: tax policy, tax law, and tax administration. “All three must work in harmony to maintain a sound fiscal framework for the government,” Edun stated.
Addressing public concerns about fiscal policies, Edun reassured that these measures aim to foster sustainable economic growth, alleviate poverty, and support business development.
“Our goal is to use fiscal policy to promote economic growth, reduce poverty, and create a thriving business environment,” he emphasized.
Responding to reports that suggest government actions are causing undue hardship, Edun rejected such claims, pointing to efforts such as eliminating import duties on essential food items like rice, wheat, and beans to ease the financial burden on citizens.
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“The notion that the government seeks to make life difficult for Nigerians is inaccurate. In fact, the government has implemented policies to ease financial strain on both individuals and businesses,” Edun noted.
Reiterating his earlier statement, Edun emphasized that the VAT rate will remain at 7.5% for all applicable goods and services.
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