The 5% VAT Rate And Everything We Know So Far

In recent news, The Nigerian government are planning on adding a 5% VAT Rate on every online purchase.

Here’s Why

As part of plans to raise more revenue to fund a record budget, the government is considering a 5% Value Added Tax (VAT) specifically for online purchases.

Babatunde Fowler, head of Nigeria’s federal tax agency, says the government may appoint banks as agents to deduct 5% VAT on all local online purchases with a bank card.

The policy could be in place by early next year, Fowler said in an interview with Premium Times, a local online newspaper.

Here’s What Nigerians Are Saying About This

From what we know, the 5% VAT has already been around for a while and some people are already aware of it.

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