Acting President Yemi Osinbajo this afternoon raised a
taskforce of selected ministers to advise the Federal Government on how to stem
the rising cost of foodstuff in the country.
The taskforce, which he set up during the Federal Executive
Council (FEC) at the Presidential Villa, is expected to turn in a report next
week.
Also during the meeting, the FEC approved a revised National
Tax Policy that intends to among other things, increase Value Added Tax (VAT)
on selected luxury items like champagne.
Current VAT rate is 5% across board but government hopes to
shore up federal revenues using the new tax policy that will also address
challenges of tax evasion, multiple taxation, better implementation of indirect
tax, online marketing and other issues.
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