VAT Increase Outweighed by Massive Incentives in Proposed Tax Reforms – CITN President

 The President of the Chartered Institute of Taxation of Nigeria (CITN) has stated that the proposed increase in Value Added Tax (VAT) will be balanced out by significant tax incentives embedded in the broader tax reform proposals. According to the CITN leader, while a VAT hike may raise concerns about inflation and cost of living, the accompanying incentives such as reliefs for businesses, investment-friendly policies, and streamlined tax administration are expected to stimulate economic growth and improve compliance. The reforms aim to modernize Nigeria’s tax system, broaden the tax base, and enhance revenue without unduly burdening the average citizen.