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Home Government

FG Plans to Increase Value-Added Tax on Luxury Goods

Nnaemeka OkwarabyNnaemeka Okwara
October 24, 2024
in Government
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FG Plans to Increase Value-Added Tax on Luxury Goods
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The Nigerian Federal Government is planning to raise the Value-Added Tax (VAT) to 15% for luxury items, while keeping essential goods tax-free to help protect those who are most in need. Finance Minister Wale Edun shared this update at the IMF/World Bank Annual Meetings in Washington, D.C.

This plan fits with President Bola Tinubu’s promise to make important changes while also looking out for the poorest and most vulnerable people. The bill being considered by the National Assembly aims to slowly increase VAT on luxury items, making sure that essential goods used by the vulnerable populations stay tax-free or have a zero rate.

Key aspects of the proposal include:

  • – Gradually increasing VAT on luxury goods to 15%
  • – Keeping essential goods tax-free for poorer Nigerians
  • – Protecting vulnerable populations
  • – Publishing a complete list of tax-free items

Edun also talked positively about Nigeria’s oil industry, mentioning better security and new investments from companies like Total and ExxonMobil.

Tags: federal characterfederal governmentFG Plans to Increase Value-Added Tax on Luxury GoodsGoodLuxuryNewsNigeriaValue added Tax
Nnaemeka Okwara

Nnaemeka Okwara

Okwara Nnaemeka Emmanuel is a skilled wordsmith, passionate blogger, and content writer with a degree in Media Content, He has made a significant mark in the industry. He also holds certification in Marketing and advertising. He has honed a unique blend of creativity and strategic thinking.Driven by a belief in the power of creativity, He has established a niche for himself in diverse regions, leaving a trail of successful projects and satisfied clients. His ability to craft compelling narratives and engage audiences sets him apart in the competitive world of content creation.As a dedicated professional, He continues to push boundaries and set new landmarks in their field. Whether it's through captivating blog posts, persuasive copywriting, or innovative content strategies, Nnaemeka’s consistently delivers excellence, leaving a long lasting impact

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