Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Nairalytics
    • Macro-Economic News
    • Research Analysis
    • Budget
    • Public Debt
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Nairalytics
    • Macro-Economic News
    • Research Analysis
    • Budget
    • Public Debt
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
Nairametrics
No Result
View All Result
Home Business News

NECA cautions FG on 7.5% VAT, says it’s anti-minimum wage 

Abiola OdutolabyAbiola Odutola
3 years ago
in Business News, Politics
NECA cautions FG on 7.2% VAT, says it's anti-minimum wage 
Share on FacebookShare on TwitterShare on Linkedin

The Nigeria Employers’ Consultative Association (NECA) has said the implementation of the 7.5% Value Added Tax approved by the Federal Executive Council would make nonsense of the recent increase in the minimum wage. 

[READ MORE: The proposed VAT hike and the likely effect]

NECA, in a statement on Thursday, cautioned the Federal Government against the timing of the announced increase of VAT from 5% to 7.5%, which was approved by the Federal Executive Council on Wednesday. 

“The benefits of the recently signed National Minimum Wage of N30,000 would be neutralised by the proposed increase in the VAT, further reduce the purchasing power of the citizens, leading to increase in prices of goods and services, resulting in upward movement of the inflation rate, and further contraction of the economy,” the Director-General, NECA, Mr Timothy Olawale, said.

He said since the purchasing power of the citizens would be reduced, sales of goods and services would reduce and inventories for business would be high,  adding that this could lead to the closure of businesses that ought to be supported by the government in reducing the alarming unemployment rate in the country. 

[READ ALSO: FEC approves VAT increase of 7.2%, targets N7.5 trillion revenue]

The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, who announced the approval of the new VAT rate after the FEC meeting in Abuja on Wednesday, had said consultations is expected to commence over when the new rate would apply. 

She explained that stakeholders, including the National Assembly and the states, would have to agree on the date. 

The Minister stated that the VAT Act would also have to be amended by the National Assembly before the commencement of the new rate, which she said could be sometime in 2020. 

[READ ALSO: How Federal Government plans to increase VAT to 7.2% affects you]

 

 

Related

Tags: 7.2% VATFederal Executive Councilminimum wageNational AssemblyNigeria Employers Consultative AssociationOn the MoneyZainab Ahmed

Leave a Reply Cancel reply

HFM
Mega Millions
Mega Millions
Standard
Patricia





NM newsletters

Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

Recent News

  • DSS arrests syndicates selling new redesigned naira notes, bank officials implicated
  • Abiola Bawuah has been appointed as UBA’s first female CEO
  • Automation of offshore confirmation line charges and post-shipment loans (pre and post negotiation)

Follow us on social media:

Recent News

Nigerian Man embarrassed for presenting new notes as meal payment

DSS arrests syndicates selling new redesigned naira notes, bank officials implicated

January 30, 2023
Abiola Bawuah has been appointed as UBA's first female CEO

Abiola Bawuah has been appointed as UBA’s first female CEO

January 30, 2023
  • Home
  • Exclusives
  • Markets
  • Industries
  • Economy
  • Business News
  • Financial Literacy
  • Lifestyle
  • Opinions

© 2023 Nairametrics

No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Nairalytics
    • Macro-Economic News
    • Research Analysis
    • Budget
    • Public Debt
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds

© 2023 Nairametrics