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 percent among other changes.

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

Adeosun said while the implementation of the revised policy would take immediate effects, some aspects that require changes in law would be referred to the National Assembly for action.