BREAKING: FG increases VAT to 7.2%

The federal executive council (FEC) has approved an increase in value added task (VAT) from 5% to 7.2%

Zainab Ahmed, Minister of Finance, budget and national planning, disclosed this to state house correspondents at the end of the cabinet meeting on Wednesday

However the increment is subject to an amendment of the VAT act 1994 by the National Assembly, if approved by the law makers then it will take effect from 2020

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