Finance

Nigerians berate FG’s plans to charge 5% VAT on all online transactions

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Some displeased Nigerians after taken to social media to air their opinion on the proposed idea of charging an extra 5 percent Value Added Tax on transactions conducted through banks’ debit and credit cards in the country.

The Chairman of the Federal Inland Revenue Service (FIRS), Babatunde Fowler, while speaking with newsmen from Premium Times had stated that the agency has been trying to find ways to start getting cuts from Nigeria’s Digital economy.

He said, “We will address the issue of the digitalized economy very soon. Nigeria has not taken a position yet. But, we are meeting to see if we can come up with a global solution that we can all adapt to.”

The 5 percent deduction would mean that for every N5,000 transaction with a Nigerian Debit Card, N250 would be surcharged and sent into FIRS accounts.

See some of the reactions by Nigerians below.

Nigerians berate FG’s plans to charge 5% VAT on all online transactions

Also, read: 44, 450 Nigerians now in Saudi Arabia for Hajj – says NAHCON

 

Ademola writes only what his audience can read, consume, and digest in the shortest time possible. Through his creative use of simple but standard vocabulary and imagery, he seeks only to communicate effectively.

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