Nigeria VAT performance na lowest for West Africa – FG
Di Federal Government, on Tuesday, raise concern over di performance of di Value Added Tax, VAT for Nigeria as di lowest for di West African region.
While hin describe di development as worrisome, di government stress di need for change in policies, and dem add say di Kontri VAT rate dey less than one per cent to di Gross Domestic Product.
Di Director of Tax Policy for di Federal Ministry of Finance, Budget and National Planning, Basheer Abdulkadir, raise di concern for di opening event of a three-day workshop on di harmonisation of Nigeria VAT Act with ECOWAS directives.
Also, di programme dey organised by di ECOWAS Commission under di context of implementation of support Programme for Tax Transition for West Africa.
Di PATF aim to improve management of domestic taxation and ensure better coordination for ECOWAS and West African Economic and Monetary Union regions.
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Abdulkadir wey stated say exemptions of VAT for Nigeria no dey aligned with those of ECOWAS, call for di exemption of few products, goods and services from VAT, for poor households to benefit from VAT policy.
In addition, he yarn say Our VAT performance or rate na still one of di lowest. Nigeria get VAT of less than one per cent to di GDP and e dey worrisome. Also, we get di lowest VAT within di sub-region with an average of 16 per cent, while VAT rate for Nigeria na 7.5 per cent. So we need a lot of policy changes on tax administration as we also need to come up with strategies to address some of these issues.
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