No Plan to Increase VAT – FG

Chinedu Ibeakanma
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The Federal Government has debunked claims on social media that it plans to increase the Value Added Tax (VAT) and other taxes in its proposed Finance Bill.

Minister of Finance, Zainab Ahmed, who issued the disclaimer while defending the Ministry’s budget before the Senate Committee on Finance in Abuja, said the report of an imminent increase in VAT and other taxes in the proposed Finance Bill to be presented to the National Assembly was false.

Ahmed said: “There will be no increase in VAT or any form of taxes because we see 2021 as a year of recovery – not only for government but businesses as well.”

Earlier, the Account General of the Federation, Ahmed Idris, who was present at the session, complained about poor budgetary allocation to his office.

Idris said: “We have 37 offices all in dire need of rehabilitation. In particular, the Mosaic House in Lagos where the office of the Accountant General was sited before. That office is a huge property that can be utilized to generate revenue.

“It is being occupied by unwanted elements. If it is rehabilitated, it will go a long way in boosting revenue because it is in the heart of the commercial city.

“It is just a proposal. All the revenue accounts of agencies of government on TSA, are visible to our office.

“The AGF takes revenue directly from TSA accounts of agencies because these are agencies that don’t remit revenues as at when due,” Idris said.

 

 

This post was written by Chinedu Ibeakanma.

The views expressed here belong to the author and do not necessarily reflect our views and opinions.

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