Senate Passes VAT Increase Bill
Senate has passed a law that will ensure Nigerians pay 7.5% Value Added Tax beginning from next year, as against the current 5% being paid by consumers.
The VAT increase law is one of the seven others sent by President Muhammadu Buhari under the title, “Finance Bill” which passed the third reading on Thursday’s plenary.
Speaking to journalists after its passage, Chairman, Senate Committee on Finance, Solomon Olamilekan, denied claims that the bill was intended to make Nigerians pay more in taxes.
However, during the debate on the matter, Senators Enyinnaya Abaribe and Gabriel Suswan queried the need for such a legislation.
President of the Senate, Ahmed Lawan in his ruling approved that the Finance Bill be read a third time and passed.