FG refutes claims of VAT increase to 10%.

THE Federal government has refuted claims of an increase in the Value Added Tax (VAT) to 10%.

The clarification came from the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, who, in a statement issued on Monday, confirmed that the VAT rate remains at 7.5%, as stipulated by the nation’s tax laws.

He noted that the government’s fiscal policies are meant to promote economic d byevelopment not to encourage poverty.

It will be recalled that controversy had arisen following reports of the government’s alleged plan to increase VAT from 7.5% to 10%.