BREAKING: Senate Approves 7.5% Increase In VAT, Other Taxes
The Senate on Thursday passed the Finance Bill which seeks to amend seven Acts of the National Assembly relating to taxes payable in the country.
The bill specifically seeks an increment of the value-added tax from five per cent to 7.5 per cent.
The bill which was presented to the National Assembly by President Muhammadu Buhari in October, seeks to increase the value-added tax (VAT) from five per cent to 7.5 per cent.
If signed into law, Nigerians will pay more for specific goods and services that attract VAT.
The bill will also reform the tax regime by amending several Acts, namely Petroleum Proflt Tax Act (PPT), Custom and Excise Tax Act, Company Income Tax Act (CITA), Personal Income Tax Act, Value Added Tax Act, Stamp Duties Tax Act, and Capital Gains Act.
The bill was passed Thursday after lawmakers considered it clause-by-clause. The Senate will now expect a concurrence by the House of Representatives before the legislation goes to the president for signing.
Meanwhile, the Minority Leader, Enyinnaya Abaribe, and Senators Ifeanyi Ubah, Gabriel Suswan and Abba Moro, however, raised objections to the bill.
They said the increment in taxes would further compound the sufferings and pains of Nigerians.