BREAKING: Senate Approves Increments of Value Added Tax VAT
Nigerian 9th Senate has endorsed and stamped a petition on the request of the federal government under President Muhammadu Buhari to amends tax laws in Nigeria.
The Punch newspaper reported on Thursday, November 21, that the Upper Chamber has approved a ‘monetary policy’ that allows it to reform all tax laws in Nigeria.
The bill specifically seeks an increment of 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 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.