approves new tax regime to affect luxury goods
Acting President Yemi Osinbajo this afternoon raised a taskforce of selected ministers to advise the Federal Government on how to stem the rising cost of foodstuff in the country.
The taskforce, which he set up during the Federal Executive Council (FEC) at the Presidential Villa, is expected to turn in a report next week.
Also during the meeting, the FEC approved a revised National Tax Policy that intends to among other things, increase Value Added Tax (VAT) on selected luxury items like champagne.
Current VAT rate is 5% across board but government hopes to shore up federal revenues using the new tax policy that will also address challenges of tax evasion, multiple taxation, better implementation of indirect tax, online marketing and other issues.