VAT increase: Senate summons finance minister, FIRS chairman Fowler

VAT increase: Senate summons finance minister, FIRS chairman Fowler

- Senate committee on finance has invited minister of finance, Zainab Ahmed, and the chairman of FIRS, Babatunde Fowler, to appear before it

- Ahmed had on Wednesday, September 11, said the federal government is proposing increase in VAT from 5% to 7.2%

- The chairman of the committee, Adeola Olamilekan, however, noted that the proposed increase in VAT would put more hardship on Nigerians

The minister of finance, Zainab Ahmed, and the chairman, Federal Inland Revenue Service (FIRS), Babatunde Fowler, have been summoned by the Senate committee on finance over the proposed increase in Value Added Tax (VAT).

Legit.ng reports that Solomon Adeola, the chairman of the committee on finance, made the disclosure in a statement issued by his media adviser, Kayode Odunaro, in Abuja on Thursday, September 12.

According to him, the invitation was hinged on the proposed plan to increase VAT from 5% to 7.2%.

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Ahmed had after the Federal Executive Council (FEC) meeting on Wednesday, September 11, spoken on the proposed plan to increase VAT.

Senator Adeola, however, noted that the proposed increase in VAT had generated mixed reactions among the public on its possible effects on living standards and the economy.

He said: “We are glad that the minister of finance indicated that the VAT act will have to be amended for the increase to take effect. But we are concerned about the current economic situation of the country as it affects the generality of the people.”

The chairman said the interaction with the two key officials of federal government would form part of the basis for possible amendments of the VAT Act.

He said the meeting would further assuage any sentiments against the proposed VAT increase, if eventually the act is amended.

Meanwhile, Legit.ng had previously reported that the Nigeria Labour Congress (NLC) rejected the federal government's proposed increase in VAT from 5% to 7.2%.

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It was reported that the labour union said the planned increase in VAT would erode any benefit the increase in the new national minimum wage would bring to workers and Nigerians.

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Source: Legit.ng

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