Mr Tunde Fowler, the Executive Chairman, Federal Inland Revenue Service, FIRS on Tuesday called for an increase in the number of Nigerians and companies paying VAT and not a 50 per cent increase in VAT rate.

The FIRS Executive Chairman called for a reduction in Companies Income Tax (CIT) rate for small businesses so as to improve compliance.

Though he indicated that there should be an increase in VAT rate by the end of the year, he never suggested a 50 per cent hike of any percentage increase at all.
Rather, he promised improved collection in CIT, Petroleum Profits Tax, PPT and VAT in 2019 relative to the collection performance of the Service in 2018.

Notice directing taxable persons to register with the board has also been issued.

Culled from Proshare.

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