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The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, on Monday, debunked reports that the rate for Value-Added Tax (VAT) has been adjusted to 10 per cent from 7.5 per cent.

The minister, in a statement signed by him, said VAT rate as contained in relevant tax laws and chargeable on goods and services remains 7.5 per cent.

“The current VAT rate is 7.5 per cent and this is what government is charging on a spectrum of goods and services to which the tax is applicable. Therefore, neither the Federal Government nor any of its agencies will act contrary to what our laws stipulate.

“The tax system stands on a tripod, namely tax policy, tax laws and tax administration. All the three must combine well to give us a sound system that gives vitality to the fiscal position of government.

“Our focus as a government is to use fiscal policy in a manner that promotes and enhances strong and sustainable economic growth, reduces poverty as well as makes businesses to flourish.

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