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Nigeria’s Senate Approves VAT Increase from 5% to 7.5%

bnnbloomberg: The Nigerian Senate approved an increase in the value-added tax rate to 7.5% from 5% in a move that aims to help the government pay for a swelling wage bill.

Nigeria has one of the lowest tax rates in the world and the government has struggled for years to raise revenues in Africa’s top oil producer. The bill still requires approval from the House of Representatives and President Muhammadu Buhari to be enacted.

Source: Published by bnnbloomberg

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