FG to increase VAT to 7.2% come 2020

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Edwin Eriye

The Federal Executive Council (FEC) has approved an increase in Value Added Tax (VAT) rate from 5% to 7.2%.

The Minister of Finance, Budget and National Planning, Zinab Ahmed, confirmed this while speaking to state house correspondents at the end of the cabinet meeting on Wednesday.

The new development is however subject to the VAT amendment act of 1994 by the National Assembly.

The new VAT rate will be effective come 2020 if approved by the Federal Lawmakers.

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