FEC Approves VAT Increase To 7.2%

Just In: FEC Approves Increase In VAT Rate To 7.2%

The Federal Executive Council (FEC) has approved the gradual increase of Value Added Tax from 5% to 7.2peecent.

Announing this after today’s Federal Executive Council meeting, Minister of Budget and National Planning, Zainab Ahmed said the increase will take effect after the mandatory review of the VAT Act as well as necessary input from the National Assembly.

Details later…

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