The Federal Executive Council (FEC) has approved an increase in the Value Added Tax (VAT) of between 5 to 7.2 per cent.
Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, who disclosed this while briefing State House correspondents on the outcome of the council meeting presided over by President Muhammadu Buhari on Wednesday, said the increase may take effect in 2020.
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She said the next step would be to have consultation with the relevant stakeholders and the National Assembly for the amendment of the VAT Act for the increase to come into operation.
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