The Chairman Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, has announced that the committee is currently proposing a law to the nation’s legislative body to increase Valued Added Tax, VAT, from the current 7.5 per cent to 10 per cent.
Oyedele made this known while speaking on Channels TV’s Politics Today.
According to him, the presidential tax committee was working to consolidate multiple taxes in Nigeria to ensure tax reduction, adding that a draft tax law would soon be submitted to the National Assembly.
“The law we are proposing to the National Assembly has the rate of 7.5% moving to 10% from 2025.
“We don’t know how soon they will be able to pass the law. Then subsequent increases are also indicated in terms of the year they will kick in,” he said.