Economy
VAT: Senate Expresses Concerns, Summons Finance Minister, FIRS Boss
The Senate Committee on Finance has summoned the Minister of Finance, Budget and National Planning, Mrs. Zainab Shamsuna Ahmed to appear before it to explain the rationale for the proposed hike in the Value Added Tax, VAT by the Federal Government from the present 5% to 7.2%.
Also summoned is the Executive Chairman of Federal Inland Revenue Service, FIRS, Babatunde Fowler. In a statement issued on Thursday by the office of the Chairman of the Senate Committee on Finance, Solomon Adeola, said the invitation was necessary in the light of the mixed reactions the proposed increase has generated among the general populace and on its possible effects on living standard and the economy.
“We are glad that the Minister of Finance indicated that the VAT Act will have to be amended for the increase to take effect. But we are concerned about the current economic situation of the country as it affects the generality of the people” Adeola said.
The federal government had on Wednesday announced that it has approved an increase of 7.2% to commence next year.
-
Entertainment2 years agoAdanma Luke Appeals for Forgiveness over Junior Pope’s Death: “I’m Gradually Losing My Life, Please Forgive Me”
-
Security News2 years agoRivers: Tension as Gunmen on Speedboat Abduct Fubara, Police Launch Manhunt
-
Security News2 years agoSoldiers in South East Extort, Humiliate Us While Kidnappers Operate Freely Near Checkpoints, Igbo Women’s Group Alleges
-
Politics2 years agoRevealed: Ajuri Ngelale Fired Over Feud with Onanuga, Despite Medical Cover Story
-
General News2 years agoGov. Soludo Seals Peter Obi’s Campaign Office, Edozie Njoku-Led APGA State Office
-
Security News2 years agoEnugwu-Ukwu in Shock: Deadly Ambush Leaves Multiple Dead, Survivors in Fear
-
General News2 years agoVideo: Moment DSS Staff Erupt in Jubilation as News of Bichi’s Sack Announced
-
Breaking News2 years agoJUST IN: Presidential Adviser Ajuri Ngelale Steps Down Temporarily, Cites Reasons