FG to Raise VAT on Luxury Goods

In an effort to shore up the federal government’s revenue base, the Federal Executive Council (FEC) yesterday approved a new tax regime, just as it announced its intention to raise taxes on luxury goods.

Also the council constituted a task force to device measures to force down the prices of food in the country.

The council equally approved a memo for the procurement of more coaches for the Nigerian Railway Corporation (NRC) to improve rail transportation.

Minister for Finance, Mrs. Kemi Adeosun, who announced the approval of the new tax policy, after the FEC meeting presided over by acting President Yemi Osinbajo, said council approved the revised National Tax Policy meant to review the tax rates in certain areas.

She however pointed out that the government would work with the National Assembly for the amendment of certain tax laws before the commencement of the policy.

Adeosun hinted that while taxes on some basic commodities might not be increased, taxes on luxury goods would certainly be increased.

Asked if the council made any decision on reviewing the rate of value added tax (VAT), the finance minister said: “What the committee has shown is that we should look at actually increasing VAT on some luxury items.

“At five per cent, we have the lowest VAT among our peers and whilst we don’t think VAT should be increased on basic items, if you are going to drink Champagne, for instance, you should pay more.

“Champagne in the UK attracts VAT of 20 per cent, so why should it be five per cent in Nigeria?

“So, they have made recommendations that we should identify some luxury items and increase VAT on those items immediately.

Comments

AKURE OBASHIP: OBA AGUNSOYEBIOYINBO ADEMUAGUN ADESIDA 11 BROUGHT CLASS AND DIGNITY TO THE THRONE

AKURE OBASHIP: OBA AGUNSOYEBIOYINBO ADEMUAGUN ADESIDA 11 BROUGHT CLASS AND DIGNITY TO THE THRONE By Sunday Ajibola There are men and there are men. Man gets to positions of power and authority and bring to bear their inner qualities. Position, as we have it here, is used to do all sorts of things; good and bad. But mostly and vexatiously, position blinds us as we use it to cheat and deny others their rights. Certain men understand that position is an opportunity to etch their names in gold and put such in the sand of time. It is exactly fifty years today that the 42nd Deji of Akure, late Oba Agunsoyebioyinbo Ademuagun Adesida 11 joined his ancestors. That fateful day was Sunday and in the evening; darkness was just enveloping the city. It was the strange shouts of "opo ye o, opo ye o, opo ye o", that prompted me to rush out of our house at Oke aro. I saw people running helter, skelter. I did not bother about them. I was looking for the "electric

Countries Accepting Nigerians Seeking Second Citizenship

Countries Accepting Nigerians Seeking Second Citizenship Nigerians are able to access the following citizenship and immigration programs: The Caribbean Second Citizenship Programs, Caribbean nations like St. Kitts & Nevis, St. Lucia and Grenada offer second citizenship through their respective Citizenship-by-Investment programs. A holder of one of these passports may travel visa free to about 135 countries, including all European Union countries, the UK, Russia, Turkey, Singapore and Hong Kong. Holding a citizenship from one of these respected countries may also make it easier to obtain residency status or study in other countries, and allows political security and makes it easier to open bank accounts in foreign jurisdictions. To qualify, an applicant needs to be of good reputation and make a government donation of at least $100,000 USD after approval of their citizenship application. Approval of a Citizenship-by-Investment application normally takes about 3 months, and all de

$100 MILLION STOLEN BY HACKERS IN CRYPTO HEIST

Hackers steal nearly $100m in Japan crypto heist IMAGE SOURCE, Liquid has been hit by hackers, with almost $100m (£73m) estimated to have been stolen. Leading Japanese cryptocurrency exchange Liquid has been hit by hackers, with almost $100m (£73m) estimated to have been stolen. The company announced that some of its digital currency wallets have been "compromised." It is the second major theft of cryptocurrencies to take place in recent days. Last week, digital token platform Poly Network was at the centre of a $600m heist. "WE ARE SORRY TO ANNOUNCE THAT #LIQUIDGLOBAL WARM WALLETS WERE COMPROMISED, WE ARE MOVING ASSETS INTO THE COLD WALLET," THE COMPANY SAID ON TWITTER. So-called 'warm' or 'hot' digital wallets are usually based online and designed to allow users to access their cryptocurrencies more easily, while 'cold' wallets are offline and harder to access and therefore usually more secure.

News, Events and People.

Search This Blog