My Naija News - 5 - 10% VAT increase in effect

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5 - 10% VAT increase in effect

Written by Eyes Kongba

Monday, 04 June 2007

"Please note that MTN has implemented a rate increase in line with FG 10% VAT directive. Thank you." That's the message you get when you check your balance if you're an MTN subscriber. Several private sector operators have commenced the implementation of the recent increase in Value Added Tax (VAT) from 5 to 10 per cent, leading to adjustments in the prices of goods and services they offer. Those who have not implemented have served notice to their customers. Banks have have implement the increase. Most hotels in ABuja and Lagos have adjusted their room rates to reflect the new vat rate.

Meanwhile, Members of the Manufacturers Association of Nigeria (MAN), the Nigerian Employers Consultative Association (NECA) and the Nigerian Association of Chambers of Commerce, Industries, Mines and Agriculture (NACCIMA) last wednesday at a meeting registered their opposition to the increase.

Also, members of the Lagos Chamber of Commerce and Industry met last Friday to discuss the increase in VAT and fuel. They also rose with a “No” vote to the increase.

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