FIRS denies calling for fifty percent increase in VAT

Federal Inland Revenue Service (FIRS), has dismissed media reports quoting its Chairman, Mr. Tunde Fowler, as suggesting an increase in the rate of of Value Added Tax (VAT) from five per cent to 50 per cent.

Various media outlets, Tuesday, quoted Fowler as recommending a hike of that proportion during a meeting with members of the Senate Finance Committee at the 2019-2021 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (PSP) in Abuja.

Firs increases Var

In a statement issued by its Communication Unit, the FIRS said what Fowler recommended is an increase in the number of individuals and business entities paying VAT.

The Service also rebutted reports that Fowler called for an increase in the rate of Companies Income Tax (CIT), stating that what the FIRS boss suggested is a reduction in CIT rate for small businesses, so as to improve compliance.

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