The Federal Government realised a total of N24.8 billion as Value Added Tax (VAT) from banks transactions throughout last year, New Telegraph has learnt. According to the sectoral VAT distribution data released by the National Bureau of Statistics (NBS), this showed that VAT generated from the sector increased by 44 per cent from N17.2 billion recorded in 2019.
It is anticipated that the use of technology to enforce VAT compliance would ultimately result in increased tax revenue by minimizing leakages, widening the tax net, and reducing the cost of administration.
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