Buhari proposes 5% VAT on all online transactions

Nigerians are currently reacting to the proposed introduction of 5% tax on online transactions done via bank ATM cards from next year. Reports that the Federal Inland Revenue Service (FIRS) may, from next year, ask banks to charge customers 5% Value Added Tax for online purchases when using bank cards filtered out on August 1st. The revelation was made by FIRS Chairman, Tunde Fowler in an exclusive interview with Premium Times even as he hinted that the federal government was yet to decide on whether to increase VAT or not. Online purchases are increasingly becoming popular among Nigerians with online stores such as Jumia and Konga leading the pack. Many Nigerians also buy from popular Chinese online store, Aliexpress. However Nigerians appear not to be okay with the new development, from reactions monitored by Opera News on twitter, many Nigerians opine that this is another way the government is planning to strangle online Nigerian buyers while another user said he strongly believed the Nigerian Senate would look into it else if implemented then the digital economy would certainly crash as it would affect every online transaction and lead to people opting out. Another user said ”In 2015 we told you, people, that this man you call your president is not it,u told us to goan wash our mouth with Colgate that he is the Messiah, that been said fast forward to 2019 again you still didn’t receive sense, 5% VAT is here now. Buhari should be president forever oo!”

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