Social media users are reacting to the news of the 7.5 VAT Increment by the President Muhammadu Buhari administration.
Buhari had on Monday signed the 2020 Finance Bill, which proposes an increase of the VAT rate from five per cent to 7.5 per cent, into law.
However, Twitter users are reacting to the increment, with some in suport of the development while others are against it.
See reactions below:
@CN4real tweeted: “3 THINGS D@ MUST HAPPEN WITH D NEW 7.5 VAT: Politicians will’ve more money to loot. Companies will increase d prices of commodities & services 2 recoup d new VAT. There’ll be more suffering 4 d governed. FACT: Taxes are meant 4 d rich but it’s d poor, who pay it.”
@Ogbenidipo tweeted: “Average VAT rate in most European counties is around 20-25%. You might argue that Nigeria is different. But 7.5% VAT in Nigeria is great. It helps government raise revenue needed for infrastructure. Accountability and judicious use of raised VAT is another issue entirely.”
@Baba__Dee tweeted: “So @MBuhari signed in a financial bill into law with 7.5% VAT but cannot implement minimum wage, So even the peanuts the civil servant are receiving will still be reduced by 2.5%”
@seeker_76 tweeted: “7.5% VAT” Dear fellow Nigerians, If you think life has been tough in the last 5 years or that your beloved Naira has become almost useless, please brace yourselves. 5 taxes are coming into effect as Papa Hanan (a.k.a Buhari) has signed a bill that will punish entrepreneurship”
@tonyagbator tweeted: “7.5% VAT wouldn’t have been a problem to me if only we see what the Government is doing with the money and not providing more money to looters.”