The chairman of the presidential committee on fiscal policy, Taiwo Oyedele, has highlighted reforms needed in Nigeria’s Value Added Tax (VAT) system.
Oyedele was quoted in a report to have said at an event on Monday that there is a need to increase Nigeria’s VAT rate which currently stands at 7.5 percent.
However, Oyedele in a statement on Wednesday said he was quoted out of context to suit the objective of the author and highlighted the issues with Nigeria’s VAT system.
READ ALSO: Oyedele denies proposing increment in VAT
The issues, according to Oyedele, include Nigeria’s VAT system placing a huge burden on businesses as they are not allowed to claim the input VAT incurred on services and assets.
He said some items which constitute basic consumptions (food, education, and healthcare) are liable…
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