Tax: Presidential Committee has recommended an increase in the value-added tax (VAT) rate

NIGERIA — The Presidential Committee on Fiscal Policy and Tax Reforms has recommended an increase in the value-added tax (VAT) rate. Nigeria’s current VAT rate sits at 7.5%. The chairman of the committee, Taiwo Oyedele, made the recommendation during a policy session of the committee on Monday. Oyedele proposed a revision to the current VAT revenue- sharing formula between federal, state, and local governments. Section 40 of the VAT Act states that the federal government receives 15% of tax revenue, the states receive 50%, and local governments receive the remaining 35%... guardian.ng