The federal government has said it has no immediate plans to increase tax rates as earlier speculated in some quarters even as it said the high net worth individuals will have to pay more taxes.

The government also said the previously approved luxury taxes will be implemented fully going forward and consumers of luxury products like private jets, yachts and more should brace up to pay more in taxes.

The Minister of Finance, Mrs. Zainab S. Ahmed made the commitment on Monday in Abuja at the quarterly press briefing as reported by DT.

“We are not increasing tax rate; we are increasing tax collections by expanding the tax base,” she said.

She added that the FG is even likely going to reduce taxes to the lower level of businesses – the MSMES. She however noted that this has to be approved by the economic management team and the National Assembly.

“But we will do everything possible for high net worth individuals to pay the right amount of taxes.  We will also implement the special luxury taxes that were already approved but not implemented,” the minister assured.