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FIRS denies calling for 50% increase in VAT

The Federal Inland Revenue Service  (FIRS) has denied calling for a 50percent increase in Value Added Tax (VAT) during interactive meeting between Fowler and committee members of the Senate Finance Committee at the 2019-2021 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper ((PSP), statement from the service said yesterday.

The statement said the Chairman of the service, Tunde Fowler on Tuesday called for an increase in the number of Nigerians and companies paying VAT and not for a 50 per cent increase in VAT rate.

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The statement also said although the chairman indicated that there should be an increase in VAT rate by the end of the year, he “never, for once suggested a 50 per cent hike of any percentage increase at all.”

It noted that contrary to reports in the media, the chairman called for a reduction in Companies Income Tax (CIT) rate for small businesses so as to improve compliance.

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“Rather, he promised improved collection in CIT, Petroleum Profits Tax, PPT and VAT in 2019 relative to the collection performance of the Service in 2018.

In 2018, FIRS collected the sum of N1.1 trillion in VAT N1,42 in Companies Income Tax (CIT) and N2.4 trillion in Petroleum Profits Tax (PPT).”

 

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