FG will not introduce new taxes – Presidency

 






The Senior Special Assistant to the Vice President on Media and Publicity, Mr. Laolu Akande, said on Sunday that the Federal Government had no intension to impose new taxes on Nigerians. Akande said this when he appeared at the News Agency of Nigeria Forum in Abuja. He said that rather than new taxes the government was expanding the coverage area in its Value Added Tax drive to generate more income. Akande said, “Essentially, we are not increasing VAT at this time, but what we are trying to do is to increase the coverage of VAT. “So, for instance now, if VAT is only coverable for the 10 per cent that it should cover and you know the current rate is five per cent. “We want to increase the coverage to 20 per cent because we believed that by just increasing the coverage, we are going to get in more revenue.” “So, I don’t think government is contemplating, at least not at the Federal government leave, presidency level, I do not think anybody is contemplating new taxes. “But of course, we are looking at how our people don’t have to pay double taxes. “I know that is one of the considerations before the Presidential Enabling Business Council which Mr. President had asked the Vice President to chair,” he added