VAT rate increase will lead to higher inflation, interest rate hike, more unemployment and generally make people poorer.
NOW;
SPOT THE DIFFERENCE
“Increase in VAT rate will lead to inflation” – Taiwo Oyedele (2019)
What was Proposed Then:
1. General VAT increase on almost all items
2. VAT applies on many basic consumptions
3. Businesses cannot claim tax credit for VAT paid on most of their costs
“Increase in VAT rate will not lead to inflation” – Taiwo Oyedele (2024)
What is Proposed now:
1. Specific VAT increase on a few items
2. Remove VAT on most basic consumptions (about 80% of goods and services)
3. Businesses can claim tax credit for VAT paid on all their costs
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https://x.com/i/status/1863966716943856106
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