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September 19, 2019
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Just In: FEC Approves Increase In VAT Rate To 7.2%

FG Approaches World Bank For Fresh $2.5bn Loan

FG Approaches World Bank For Fresh $2.5bn Loan

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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