FG to increase VAT, Senate Reacts

THE Senate Committee on Finance led by the senator representing Lagos west, Sen Solomon Olamilekan Adeola has summoned the two key Government officials, the Minister of Finance, Budget and National Planning, Mrs Zainab Shamsuna Ahmed and the Executive Chairman of Federal Inland Revenue Service, FIRS, Babatunde Fowler to appear before it to give detailed information
on the reasons for the proposed increase of Value Added Tax, VAT by the Federal Government  from 5% to 7.2%


In his narrative in a statement released by his Media adviser yesterday, Sen Solomon said that the outcome of the meeting with the two most relevant government on the matter will be part of the stating point for possible amendment of the VAT Act.
The Senator expressed gladness that the Minister of Finance indicated that the VAT Act will have to be amended for the increase to take effect.