HIGHLIGHT
Nigeria’s FG has approved a new tax policy to address low level taxation.
Kemi Adeosun
The Federal Executive Council has approved a new tax policy, which will address low level of taxation in the country.
Briefing journalists after the council meeting, Minister of Finance, Kemi Adeosun questioned the Value Added Tax (VAT) on luxury items which is, at five per cent in Nigeria while that of neighbouring countries is as high as 20 per cent.
According to her, the Ministry will work with the National Assembly to effect the changes in the new policy and make Nigerians to buy into it.
The Federal Executive Council has also set up a task force to find out why there is a continuous rise in the cost of food items in the country.
Meanwhile, the Minister of Information, Lai Mohammed said the committee will report their findings to the council within the next one week.
