VAT on champagne, other luxury items to increase

The Federal Executive Council on Wednesday approved the revised National Tax Policy.

The policy will see the Value Added Tax on luxury items, like champagne, increasing from the current five per cent, among other changes.

The Minister of Finance, Mrs. Kemi Adeosun, disclosed this to State House correspondents at the end of a meeting of the council presided over by Acting President Yemi Osinbajo.

She was joined at the press conference by the Minister of Information and Culture, Alhaji Lai Mohammed; and the Minister of State, Aviation, Hadi Sirika.