Former CBN director endorses FG’s plan to charge VAT on online transactions


Former Director, Budgetary Department, Central Bank of Nigeria, Dr Titus Okunronmu applauds the Federal Government on its plan to charge Value Added Taxes (VAT) on all online business transactions.

Okunronmu’s approval came in an interview with News Agency of Nigeria (NAN) on Monday

The former CBN director pointed out the decision was a right step in the right direction as it would help to generate additional revenue for the country.

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

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

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