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FG debunks plan to increase VAT

Wale Edun, Nigeria's finance minister, during a Bloomberg Television interview on day two of the World Economic Forum (WEF) in Davos, Switzerland. [Getty Images/Bloomberg]

The FIRS, which operates under the Federal Ministry of Finance, is responsible for tax collection on behalf of the Nigerian government and ensures compliance with relevant tax laws.

The Federal Inland Revenue Service (FIRS) has dismissed recent rumours that the Federal Government plans to raise the Value Added Tax (VAT) from 7.5% to 10%.

According to a statement issued by Arabinrin Aderonke, the Technical Assistant on Broadcast Media to the Executive Chairman of FIRS, the reports circulating in some media outlets are false and misleading.

"No plans to raise VAT," FIRS assures Nigerians

Aderonke stated, "The Nigerian Government is not proposing any such thing as the increment of VAT. Such reports should be ignored and discarded. It is false and misleading, as the FG is not planning to add to the economic burden of Nigerians."

READ ALSO: Bill Gates blames Nigeria’s struggles on low tax collection

She clarified that neither the Federal Ministry of Finance nor FIRS has discussed this issue, and no proposal is before the National Assembly.

FIRS urges calm amidst rumours of tax increase

She urged Nigerians to stay calm, emphasising that the government is focused on improving the economy.

"There is no cause for alarm. Nigerians should rest assured that the FG is working hard to fix the economy and improve the livelihood of the citizens," Aderonke added.

The FIRS, which operates under the Federal Ministry of Finance, is responsible for tax collection on behalf of the Nigerian government and ensures compliance with relevant tax laws.

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