The Presidential Fiscal Policy and Tax Reforms Committee have emphasized that the proposed increment in Value Added Tax (VAT) will reduce inflationary pressures contrary to the views that it would stoke prices. The VAT reform, including the proposed increase in VAT rate, is part of a package involving several measures designed to reduce, NOT increase prices and therefore will not lead to inflation. The series of policies aimed at overhauling Nigeria’s tax system would bring the needed relief for the over 200 million citizens that are reeling from a cost-of-living crisis fuelled by the twin reforms implemented mid last year.
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