The Senate Committee on Finance said it would invite the Minister of Finance Mrs. Zainab Ahmed and the Chairman, Federal Inland Revenue Service, FIRS, Dr. Babatunde Fowler to explain in greater details the reasons for the proposed increase in Value Added Tax, VAT.
The Chairman of the Committee, Sen. Solomon Adeola, who disclosed this in a statement issued by his Media Adviser, Mr. Kayode Odunaro, in Abuja on Thursday, said the invitation was based on FG’s proposed plan to increase VAT from 5 per cent to 7.2 per cent .
The Minister of Finance, had on Wednesday after the Federal Executive Council, FEC, meeting spoken on the proposed plan to increase VAT.
The statement said: “We are glad that the minister of finance indicated that the VAT act will have to be amended for the increase to take effect.
“But we are concerned about the current economic situation of the country as it affects the generality of the people.”
The chairman said the interaction with the two key officials of Federal Government would form part of the basis for possible amendments of the VAT Act.
According to him, the meeting will further soothe any feelings against the proposed VAT increase, if eventually the act is amended.
