The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has revealed that his committee will be proposing the removal of Value Added Tax on some basic food, educational and healthcare items.
Oyedele stated this on Wednesday via his X handle as he clarified comments earlier made at a policy exposure and impact assessment session organised by the committee.
Denying claims that his committee is proposing a rate hike, Oyedele said that his committee had instead proposed full input VAT credit for businesses to reduce their cost of doing business and minimise the strain on their cash flows.
Oyedele further disclosed that proposals involving reduction in companies income tax rate, and increase exemption threshold for personal income tax were also discussed.
Nigeria’s VAT rate is currently 7.5 per cent
