Senate approves 7.5% VAT increase

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Lawmakers at the Nigeria Senate have passed the Finance Bill which seeks to amend seven Acts of the National Assembly relating to taxes payable in the country.  

The bill is specifically seeking an increase in the value-added tax from five per cent to 7.5 per cent. 

It also seeks an increment in the Companies Income tax,  Customs and excise, Petroleum Profit Tax, Stamp duties,  personal income tax and Capital Income tax. 

The passage of the bill followed the presentation of the report of the Senate Committee on Finance by Senator Adeola Solomon.

Lawmakers present, thereafter, shared their various perspectives on the effects of the bill on the nation and its people.

On his part, President of the Senate, Ahmed Lawan explained that the bill does not burden Nigerians with taxes but the Federal Government was trying to create the revenue necessary for the provision of schools, healthcare, and an economy that works for everyone.




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