VAT Increment Bill Passes Through Second Reading In Senate

LAGOS NOVEMBER  7TH (NEWSRANGERS)-The Bill to increase Value Added Tax (VAT) from 5% to 7.5% has passed through second reading in the Senate.

The VAT Bill was read the first the time on Tuesday, November 5, and now passed through second reading.

The process was not without controversy as the senators could not get a copy of the controversial bill for proper deliberation.

Sen Binos Yaroe representing Adamawa South raised attention on the non-availability of the copies of the bill to the lawmakers.

 “Our rules say that printed copies of the bill shall as soon as possible be sent to every senator. We are at the stage of the second reading of this bill.

“I don’t know for others but I have not received the bill. I don’t know how we can debate a bill that we have not received,” he said.

The Senate President, Ahmad Lawan noted his point but said the debate would still go on.

“We are at this point going to debate the general principles of the bill; in line with our tradition and convention here,” he said.

Leading the debate on the bill, the Senate Leader, Abdulahi Yahyah said the bill will “promote fiscal equity by mitigating instances of regressive taxation; to reform domestic tax laws to align with global best practices and to introduce tax incentives for investment in infrastructure.

“Support ongoing ease of doing business reforms and to raise revenues for government including a proposal to increase the value-added tax (VAT) from 5% to 7.5%.”

He added that the “2020 appropriation bill is based on the provisions of this bill and additional revenues will be used to fund health; education and infrastructure programmes.”

The bill was referred to Committee on Judiciary for further legislative action.

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Posted by on Nov 7 2019. Filed under Business, National. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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