Airlines are planning to reduce fares in response to the removal of 7.5 per cent Value Added Tax (VAT). The suspension of VAT from air fares took effect from January 1, 2021, as part of incentives contained in the Finance Act 2020.
Airline operators told The Nation yesterday that they have received the directive on VAT removal from the government, but they are waiting for the Federal Inland Revenue Service (FIRS) to implement the directive before the low fares regime comes into operation. Investigations have shown that fares that were around N90, 000 for a one-way trip on some routes, could come down to as low as N27, 500…
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News Archive from before July 2018