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FG’s planned 5%VAT on online purchases rattles Nigerians

FG’s planned 5%VAT on online purchases rattle Nigerians

Nigerians have kicked against the federal government’s proposed  5% VAT on all online purchases via bank cards.

Protesters against the planned VAT stormed the various social media platforms, including Facebook and twitter to protest their displeasure over the planned policy. 

FIRS chairman Babatunde Fowler in a media chat, said that the tax agency is working on ways to get a cut from the digital economy in the country. 

His words, “We will address the issue of the digitalised economy very soon. Nigeria has not taken a position yet. But, we are meeting to see if we can come up with a global solution that we can all adapt to.”

The 5% proposed VAT implies that the FIRS will charge N500 for every N10,000 transaction made with a bank card.

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