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During the last Federal Executive Council (FEC) meeting in Nigeria, it was agreed that the rate of value added tax (VAT) be reviewed upwards from the current 5% to 7.2%. Implementation would begin sometime in 2020
My take on this decision reached is that many more Nigerian's would be impoverished. What is your view on this?
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Never a good thing when they start raising taxes ever, 7.2% is still a hell of a lot better than what we're getting here we're already on 15% VAT
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Nice to have you here, @chekohler. I agree with you that it's never a good thing to raise taxes. Considering the Nigeria population of about 200 million people, the government would generate so much money from tax payers like me. Although, I don't know the country of your residence, @chekohler, I lived in Belgrade, Serbia, for 7 years and 4 months, where VAT was 18%/20 %, depending on the goods or services one is paying taxes on.
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In here in South Africa! I’ve never really understood why governments want to tax if they already printing money, it’s just keeping up a facade!
Tax is a trickle up system and does very little for the population, it’s just a way to cut into more of your disposable income and reduce your purchasing power!
Which is why we need to start adopting crypto and stop giving governments so much control over the wealth
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