Over n500b inflow expected on vat as fg begins aggressive tax drive

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Over N500b Inflow Expected on VAT as FG Begins Aggressive Tax Drive

The Federal Government of Nigeria is set to rake in over N500 billion in Value Added Tax (VAT) revenue as it begins an aggressive tax drive to boost government revenue and stimulate economic growth.

According to sources within the Federal Inland Revenue Service (FIRS), the government is expected to generate a significant increase in VAT revenue in the coming months, driven by a combination of factors including the implementation of the new VAT law, improved tax compliance, and increased economic activity.

The new VAT law, which came into effect in February 2020, increased the VAT rate from 5% to 7.5%, providing a significant boost to government revenue. The law also introduced a number of measures aimed at improving tax compliance, including the requirement for businesses to register for VAT and file returns electronically.

In addition to the new VAT law, the FIRS has also launched a number of initiatives aimed at improving tax compliance and increasing revenue. These include the deployment of technology to streamline tax collection and improve transparency, as well as the establishment of a new tax court to handle tax disputes.

The aggressive tax drive is expected to have a significant impact on government revenue, with the FIRS projecting that VAT revenue will increase by over 50% in the coming year. This will provide a significant boost to government revenue, which has been under pressure in recent years due to a combination of factors including a decline in oil prices and a slowdown in economic growth.

The increase in VAT revenue is also expected to have a positive impact on the economy, as it will provide a boost to government spending and stimulate economic activity. The government has already announced plans to use some of the additional revenue to fund infrastructure projects and support small and medium-sized enterprises (SMEs).

Overall, the aggressive tax drive is expected to have a significant impact on government revenue and the economy, and is an important step towards achieving the government's goal of increasing revenue and stimulating economic growth.

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