The National Assembly has received an executive bill and is already considering the document which is proposing an increase in the Value Added Tax (VAT) paid by Nigerians from 7.5 per cent to 10 per cent, according to reports on Sunday.
According to the report, the executive bill is seeking to raise the tax rate to 10 per cent by 2025, while the tax will further increase to 12.5 per cent by 2026 through 2029, if it gets the approval of the lawmakers.
Besides, the bill, according to the report, is proposing that by 2030, the payment by Nigerians for the tax, which is levied on consumption of goods and services will move to 15 per cent.
“VAT shall be charged on the value of all taxable supplies at the following rates (a) 2025 year of assessment 10 per cent; (b) 2026, 2027, 2028 and 2029 years of assessment 12.5 per cent (c) 2030 year of assessment and thereafter 15 per cent,” the document stated.
In addition, the bill proposes a reduction in the Corporate Income Tax (CIT) to 27.5 per cent by 2025 — down from 30 per cent — and a further cut to 25 per cent by 2026.
Companies with less than N20 million turnover are exempted from paying the CIT, according to the bill, the report stressed.
“Tax shall be levied, for each year of assessment in respect of total profits of every company, in the case of; (a) a small company, at zero percent; and (b) any other company, at the rate of-(i) 27.5 per cent in 2025 year of assessment, and(ii) 25 per cent from 2026 year of assessment,” the document added.
Notwithstanding any provision of the Act or any other enactment, where in any year of assessment, the effective tax rate of a company is less than 15 per cent, such company shall re-compute and pay an additional tax that makes its effective tax rate equal to 15 per cent, the document stated.
“The provisions of this section shall apply to (a) a company that is a constituent entity of an MNE group; and (b) any other company with an aggregate turnover of N20,000,000,000.00 and above in the relevant year of assessment.
“The companies covered under this section and the determination of the additional tax payable shall be in accordance with regulations issued by the service.”
On June 4, Oyedele had said the presidential committee on fiscal policy and tax reforms proposed a reduction of the CIT by 5 per cent, explaining that the tax rate should drop from 30 per cent to 25 per cent to encourage businesses and investors.
The federal government has consistently raised concern over the performance of VAT in Nigeria, saying it is the lowest in the West African region and insisting that the country’s VAT rate is less than 1 per cent to the Gross Domestic Product (GDP).
Emmanuel Addeh
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