{"id":337958,"date":"2024-09-09T07:53:39","date_gmt":"2024-09-09T06:53:39","guid":{"rendered":"https:\/\/www.withinnigeria.com\/news\/?p=337958"},"modified":"2024-09-09T07:53:39","modified_gmt":"2024-09-09T06:53:39","slug":"fg-clarifies-vat-rate-amid-reported-hike","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/news\/2024\/09\/09\/fg-clarifies-vat-rate-amid-reported-hike\/","title":{"rendered":"FG clarifies VAT rate amid reported hike"},"content":{"rendered":"<ul>\n<li><strong>Edun described the purported reports as inaccurate.<\/strong><\/li>\n<li><b>Edun reiterated that VAT remains at 7.5 per cent and will continue to be applied to all VAT-eligible goods and services.<\/b><\/li>\n<\/ul>\n<hr \/>\n<p>The Minister of Finance, Mr. Wale Edun, has clarified surrounding controversy around <a href=\"https:\/\/www.withinnigeria.com\/news\/2024\/09\/08\/vat-hike-a-blazing-inferno-thatll-consume-nigerians-says-atiku\/\"><strong>Value Added Tax (VAT)<\/strong><\/a> rate hike from 7.5% to 10%.<\/p>\n<p>He said that the current rate remains unchanged.<\/p>\n<p>According to a statement issued by Edun on Monday, the VAT rate is still fixed at 7.5%, in line with the nation&#8217;s tax laws, and no adjustments have been made.<\/p>\n<p>\u201cThe current VAT rate is 7.5% and this is what the government is charging on a spectrum of goods and services to which the tax is applicable. Therefore, neither the Federal Government nor any of its agencies will act contrary to what our laws stipulate,\u201d Edun affirmed.<\/p>\n<p>He further explained the importance of maintaining a balanced tax system, emphasising that Nigeria\u2019s tax framework is built on three key pillars- tax policy, tax laws, and tax administration.<\/p>\n<p>\u201cThe tax system stands on a tripod, namely tax policy, tax laws, and tax administration. All the three must combine well to give us a sound system that gives vitality to the fiscal position of the government,\u201d the minister said.<\/p>\n<p>Addressing concerns over government actions perceived as burdensome, Edun reassured Nigerians that fiscal policies are designed to promote sustainable economic growth and alleviate poverty, not to hinder them.<\/p>\n<p>\u201cOur focus as a government is to use fiscal policy in a manner that promotes and enhances strong and sustainable economic growth, reduces poverty as well as makes businesses flourish,\u201d he stated.<\/p>\n<p>Responding to media reports that painted the government as seeking to impose additional hardship on citizens, Edun called the reports as inaccurate.<\/p>\n<p>\u201cThe imputation in some media reports on the issue of VAT and the opinion articles that have sprouted from them seem to wrongly convey the impression that the government is out to make life difficult for Nigerians. That is not correct. If anything, the Federal Government has, through its policies, demonstrated that it is committed to creating a congenial environment for businesses to thrive,\u201d he stated.<\/p>\n<p>He also highlighted recent government initiatives to ease the financial burden on citizens, particularly regarding food imports.<\/p>\n<p>\u201cIn fact, it is on record that the Federal Government, as part of efforts to bring relief to Nigerians and businesses, recently ordered the stoppage of import duties, tariffs, and taxes on rice, wheat, beans, and other food items,\u201d Edun noted.<\/p>\n<p>For clarity, Edun reiterated that VAT remains at 7.5 per cent and will continue to be applied to all VAT-eligible goods and services.<\/p>\n<p>\u201cFor emphasis, as of today, VAT remains 7.5% and that is what will be charged on all the goods and services that are VAT-able,\u201d he concluded.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Edun described the purported reports as inaccurate. Edun reiterated that VAT remains at 7.5 per cent and will continue to be applied to all VAT-eligible goods and services. The Minister of Finance, Mr. Wale Edun, has clarified surrounding controversy around Value Added Tax (VAT) rate hike from 7.5% to 10%. He said that the current [&hellip;]<\/p>\n","protected":false},"author":43,"featured_media":337960,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":{"source_name":"","source_url":"","via_name":"","via_url":"","override_template":"0","override":[{"template":"2","single_blog_custom":"211693","parallax":"1","fullscreen":"1","layout":"right-sidebar","sidebar":"default-sidebar","second_sidebar":"default-sidebar","sticky_sidebar":"1","share_position":"top","share_float_style":"share-monocrhome","show_share_counter":"1","show_view_counter":"0","show_featured":"1","show_post_meta":"1","show_post_author":"1","show_post_author_image":"1","show_post_date":"1","post_date_format":"default","post_date_format_custom":"Y\/m\/d","show_post_category":"1","show_post_reading_time":"1","post_reading_time_wpm":"300","show_zoom_button":"1","zoom_button_out_step":"2","zoom_button_in_step":"3","show_post_tag":"0","show_prev_next_post":"0","show_popup_post":"0","number_popup_post":"1","show_author_box":"0","show_post_related":"0","show_inline_post_related":"1"}],"override_image_size":"0","image_override":[{"single_post_thumbnail_size":"crop-500","single_post_gallery_size":"crop-500"}],"trending_post":"0","trending_post_position":"meta","trending_post_label":"Trending","sponsored_post":"0","sponsored_post_label":"Sponsored by","sponsored_post_name":"","sponsored_post_url":"","sponsored_post_logo_enable":"0","sponsored_post_logo":"","sponsored_post_desc":"","disable_ad":"0"},"jnews_primary_category":{"id":"","hide":""},"jnews_override_bookmark_settings":{"override_bookmark_button":"0","override_show_bookmark_button":"0"},"jnews_override_counter":{"override_view_counter":"0","view_counter_number":"0","override_share_counter":"0","share_counter_number":"0","override_like_counter":"0","like_counter_number":"0","override_dislike_counter":"0","dislike_counter_number":"0"},"footnotes":""},"categories":[16587],"tags":[82981,371,15406,66242],"class_list":["post-337958","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-7-5","tag-fg","tag-vat","tag-wale-edun"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.8 (Yoast SEO v27.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>FG clarifies VAT rate amid reported hike<\/title>\n<meta name=\"description\" content=\"The Minister of Finance, Mr. Wale Edun, has clarified surrounding controversy around Value Added Tax (VAT) rate hike from 7.5% to 10%.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.withinnigeria.com\/news\/2024\/09\/09\/fg-clarifies-vat-rate-amid-reported-hike\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FG clarifies VAT rate amid reported hike\" \/>\n<meta property=\"og:description\" content=\"Edun described the purported reports as inaccurate. Edun reiterated that VAT remains at 7.5 per cent and will continue to be applied to all VAT-eligible\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.withinnigeria.com\/news\/2024\/09\/09\/fg-clarifies-vat-rate-amid-reported-hike\/\" \/>\n<meta property=\"og:site_name\" content=\"NEWS PICKS \u2014 WITHIN NIGERIA\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/facebook.com\/withinnigeria\" \/>\n<meta property=\"article:published_time\" content=\"2024-09-09T06:53:39+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.withinnigeria.com\/news\/wp-content\/uploads\/sites\/5\/2024\/09\/IMG-20240909-WA0008.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"720\" \/>\n\t<meta property=\"og:image:height\" content=\"481\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"W.N YEMI\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" 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