Founding President, Association of National Accountants of Nigeria (ANAN), Mr. Omoba Olumuyiwa Sosanya, said Nigeria can realise average total revenue of N560 billion monthly from Value Added Tax (VAT) if the states are allowed to administer tax law, This is an equivalent of N6.7 trillion yearly, at the five per cent VAT rate.
He said currently, the VAT generated by the Federal Inland Revenue Service (FIRS) is about N58 billion monthly, pointing out that revenue accruable from VAT could increase 10 times if states are authorised to collect VAT with FIRS. Sosonya, made the call during The Nation’s First National Economic Forum in Lagos.
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