Ex-CBN director lauds FG’s plan to charge VAT on online transactions

He spoke against the backdrop of Mr Tunde Fowler, the Chairman, Federal Inland Revenue Services,’ disclosure in London on Friday that Federal Government would soon start collection of VAT on online business transactions.

Executive Chairman of Nigeria's Federal Inland Revenue Service (FIRS), Mr Tunde Fowler [Legit]

Okunronmu gave the commendation in an interview with News Agency of Nigeria (NAN) in Ota, Ogun, on Monday.

He spoke against the backdrop of Mr Tunde Fowler, the Chairman, Federal Inland Revenue Services,’ disclosure in London on Friday that Federal Government would soon start collection of VAT on online business transactions.

The former CBN director noted that the decision was a right step in the right direction that would help to generate additional revenue for the country.

‘‘For the fact that people do manual online transactions does not mean they should not pay VAT to the Federal Government,’’ he said.

He called on the Federal Government to ensure that the VAT should not be more than five per cent.

Okurounmu also advised Federal Government to look for other means of generating additional revenues to boost the nation’s Gross Domestic Product. 

JOIN OUR PULSE COMMUNITY!

Unblock notifications in browser settings.

Eyewitness? Submit your stories now via social or:

Email: eyewitness@pulse.ng

Recommended articles

U.S. launches conflict monitor for Russian war on Ukraine

U.S. launches conflict monitor for Russian war on Ukraine

2023:  I will grow agriculture, revamp economy- Amaechi

2023: I will grow agriculture, revamp economy- Amaechi

PDP urges Ugwuanyi to zone Enugu West Senatorial ticket to Udi LGA

PDP urges Ugwuanyi to zone Enugu West Senatorial ticket to Udi LGA

2023: Atiku in Kaduna, promises devolution of powers to states, LGAs

2023: Atiku in Kaduna, promises devolution of powers to states, LGAs

2023: Tinubu promises to navigate Nigeria to prosperity

2023: Tinubu promises to navigate Nigeria to prosperity

2023: Adamu Garba re-enters presidential race, picks YPP form

2023: Adamu Garba re-enters presidential race, picks YPP form

Abuja-Kaduna train to resume services next week amid insecurity

Abuja-Kaduna train to resume services next week amid insecurity

ASUU calls on EFCC to investigate IPPIS in the wake of AGF arrest

ASUU calls on EFCC to investigate IPPIS in the wake of AGF arrest

EFCC arrests former Speaker Etteh over alleged contract fraud

EFCC arrests former Speaker Etteh over alleged contract fraud