The Chairman of the Presidential Tax Reform Committee, Taiwo Oyedele, has said that the proposed Value Added Tax (VAT) reform will reduce the cost of manufacturing by about 3.3 percent when implemented.
According to him, he had to clarify questions arising from a recent meeting with the Organised Private Sector of Nigeria (OPSN).
He said: “We had a very productive session with the OPSN hosted by the Manufacturers Association of Nigeria (MAN).
“A participant who works for a manufacturing company asked to know when the reforms are likely to take effect and whether to include higher costs due to the proposed VAT rate increase in the company’s 2025 budget.
“This question reflects the general perception of the VAT reforms, whereas the overall impact is actually a cost reduction.”
