Acting chairman, Federal Inland Revenue Service, Sunday Ogungbesan, has said value-added tax collectible by the Federal Government will increase rate to 10 per cent this year. The move is to rescue the nation’s dwindling oil revenues. In a report by Leadership Ogungbesan was quoted as saying that “The plan is to increase to 10 percent this year but we have to consult first with relevant stakeholders”.
Ogungbesan said, the FIRS will put more effort in meeting targets after its collection of N1.97 trillion ($9.9bn) in revenue in the first half fell short of a goal of N2.29 trillion.
“If we achieve our revenue targets, to a great extent, government deficits will be reduced.
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