2020 budget based on new 7.5% VAT

President Muhammadu Buhari has said the 2020 budget has been based on a new Value Added Tax of 7.5 per cent.

The Federal Executive Council had recently approved the increment of the VAT from 5 per cent to 7.5 per cent.

The President said the additional revenue to be generated from the higher rate would be deployed in the health and education sectors as well as infrastructural programmes.



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