Nigeria’s New Tax Bill
President Muhammadu Buhari has signed into law a new bill that seeks to boost government revenue through a rise in the VAT rate while at the same time supporting small businesses. Nigeria has been trying to diversify its economy to reduce dependence on sales of crude oil (which make up 90% of foreign-exchange receipts). But raising more money from taxes has proved difficult in a country where most small businesses are not registered. Under the finance bill, VAT rates will rise from 5% to 7.5%, which is still one of the lowest rates in the world.
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