Vice-President Yemi Osinbajo says the new value-added tax (VAT) rate of 7.5 percent is still compared to that of other African countries.
Osinbajo said this while speaking at the Inspiration Conference 2020 organised by the Redeemer’s Men Fellowship in Lagos on Saturday, NAN reports.
According to Osinbajo, the finance law would speed up Nigeria’s economic growth and result in increased revenue for all levels of government.
He was also quoted as saying that, “Ghana has 12.5 per cent; Cameroun has 19.25 per cent; Mexico with 16 per cent; South Africa at 15 per cent and Egypt at 14 per cent. ”
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“To make things easier for the common man, we have exempted 16 classes of food items, tampons, sanitary towels, and tuition fees from nursery to tertiary.
“Also, before the Finance Act, many companies operating in the country without physical presence escaped taxation.
“Most digital companies made significant revenue from e-commerce, online advertising and the likes, but were not taxed.”