- The federal government said it does not have plan to increase the tax rate in 2019
- As contained in the media briefing of minister of finance, Zainab S. Ahmed, FG said consumers of luxury products like private jets, yachts will pay more tax
- FG also said plans are on going to reduce the tax paid by small scale and medium business
The federal government has denied a rumour peddling in the media that it was planning to increase the tax rate in 2019.
Daily trust reports that the minister of finance, Zainab S. Ahmed, made this known during a press briefing in Abuja on Monday, December 24.
Legit.ng gathers that the minister of finance, however, said that previously approved luxury taxes will be implemented fully as consumers of luxury products like private jets, yachts will be made to pay more tax.
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Ahmed also said that the federal government may likely reduce the tax rate placed in small scale and medium business.
She said: "We are not increasing tax rate; we are increasing tax collections by expanding the tax base.
"But we will do everything possible for high net worth individuals to pay the right amount of taxes. We will also implement the special luxury taxes that were already approved but not implemented."
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Meanwhile, Legit.ng previously reported that the permanent secretary of Ministry of Finance, Mahmoud Isa-Dutse, said that the federal government, the 36 states and 774 local government areas in the country shared approximately a total amount of N812.76 billion in the month of November.
Isa-Dutse stated this on Wednesday, December 19, during a press briefing in Abuja on the outcome of the Federal Account Allocation Committee (FAAC) meeting.
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Source: Legit.ng
