FG Denies Planned VAT Increase

VAT Increase? FG Says No

I can authoritatively tell you that the FIRS is not aware of the increment of VAT, and...

FIRS denies rumored VAT increase from 7.5% to 10%, says Nigerian government not planning to add to economic burden of citizens.

The Federal Inland Revenue Service (FIRS) has denied rumors of a planned increase in the Value Added Tax (VAT) rate from 7.5% to 10%.

As the agency responsible for tax assessment, collection, and revenue management in Nigeria, FIRS operates under the Federal Ministry of Finance, in accordance with the FIRS Establishment Act of 2007.

FIRS also administers relevant tax laws and contributes to the development of new ones.

Arabinrin Aderonke, Technical Assistant on Broadcast Media to the FIRS Executive Chairman, issued a statement dismissing the VAT hike rumors.

“The Nigerian Government is not proposing any such thing as the increment of VAT. Such reports should be ignored and discarded. It is false and misleading, as FG is not planning to add to the economic burden of Nigerians.

“It has not been discussed at all by both the Federal Ministry of Finance and FIRS. The Federal Ministry of Finance makes financial policy while the FIRS implements it. I can authoritatively tell you that the FIRS is not aware of the increment of VAT, and there is no proposition in front of the national assembly.”

Aderonke advised the public to remain calm and not panic over the rumored VAT increase.

“There is no cause for alarm, Nigerians should be rest assured that the FG is working hard to fix the economy and improve the livelihood of the citizens. Please ignore such reports it is not true,” she said.