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Expert advises FG on VAT increase

The Federal government has been urged not to increase the value added tax , but to ensure effective collection at the old rate to make life better for the common man in the country.

A financial expert , Malam Abdulmumini Sanni -Jawondo made the call while speaking with newsmen on the state of the nation in Ilorin.

According to him about 50 percent of taxable items were not charged in the country.

Malam Abdulmumini explained that the proposed increase on the value added tax would result to inflation, adding that many companies would be forced to close down and the unemployment rate would also increase.

Malam Abdulmumini advised government to beam it search light on companies that fail to remitt VAT collected to ensure compliance.

The financial expert said government should deepened the VAT collection process to cover those who are not paying.

Malam Abdulmumini maintained that those saddled with the responsibility of collection of such revenue should be closely monitored to prevent compromise on their part.


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