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Recession: Atiku Proposes Luxury Tax

Former Vice President Atiku Abubakar has proposed a 15 percent luxury tax on items consumed by the rich as one of the means through which Nigeria can recover from recession.

He said in a statement issued on Sunday, “A practical approach to this is to place a 15% tax on all Business and First Class tickets sold to and from Nigeria, on all luxury car imports and sales, on all private jets imports and service charges, on all jewellery imports and sales, on all designer products imported, produced or sold in Nigeria, and on all other luxury goods either manufactured or imported into Nigeria, with the exception of goods made for export.”

According to him, the proceeds of the luxury tax should be exclusively dedicated to a Poverty Eradication Fund, which must be managed in the same manner as the Tertiary Education Trust Fund, or the Ecological Fund.

He also proposed that a 1% poverty alleviation tax should be legislated by the National Assembly on the profits of every International Oil Company operating in Nigeria.

 

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