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Nigeria Targets 15% Tax-to-GDP Ratio With New Bill, Thisday Says

Nov. 27, 2019, 7:58 AM

Nigeria seeks to more than double its tax-to-Gross Domestic Product ratio to 15% in four years, from current 6%, by implementing a new finance bill, ThisDay newspaper reported.

Nigeria’s Tax and Fiscal Law Amendment Bill approved by the Senate on Nov. 21, which introduces new taxes, will help the government achieve its revenue target in the spending plan proposed for 2020, the Lagos-based newspaper reported citing Minisiter of Finance, Budget and National Planning Zainab Ahmed.

The bill proposes an increase in the valued-added tax rate to 7.5% from 5% and a 10% withholding tax on dividends on petroleum profits. It ...