Ex-CBN Director Okays Plan To Tax Online Business Transactions

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A former Director, Budgetary Department, Central Bank of Nigeria, Dr Titus Okunronmu, has commended the Federal Government for its plan to collect Value Added Tax (VAT) on online business transactions.
Okunronmu gave the commendation in an interview with The Tide source in Ota, Ogun State on Monday.
He spoke against the backdrop of the Chairman, Federal Inland Revenue Service, Mr Tunde Fowler’s disclosure in London last Friday that the Federal Government would soon start collection of VAT on online business transactions.
The former CBN director noted that the decision was a right step in the right direction that would help to generate additional revenue for the country.
‘‘For the fact that people do manual online transactions does not mean they should not pay VAT to the Federal Government,’’ he said.
He called on the Federal Government to ensure that the VAT should not be more than five per cent.
Okunronmu also advised Federal Government to look for other means of generating additional revenues to boost the nation’s Gross Domestic Product.