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Senate approves increase of VAT from 5% to 7.5%

BellaNaija.com

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On Thursday, the Senate passed the Finance Bill aimed at amending the seven Acts of the National Assembly relating to taxes payable in the country.

According to Punch, the bill clearly seeks an increase of value-added tax from 5 per cent to 7.5 per cent, 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, nonetheless, proposed disapproval to the bill. They suggested the increase in taxes would further intensify the sufferings and pains of Nigerians.

2 Comments

  1. by_stander

    November 22, 2019 at 11:29 am

    They say they need more money, there is 80% inheritance Tax sitting in that room they will not collect or talk about.

    Instead they go after the poor and the victims of their grand rent-seeking pyramid scheme, so they can continue to live in their bubble.

    2
  2. GANNY OGUNSHAKINN

    November 22, 2019 at 1:49 pm

    This is absolutely insane. By in rising VAT now makes the prizes of things like hotels and other stuffs more expensive than in other cities arround the world.Quo Vaddis Nigeria.Sme of the so called $300.00dollars hotels are not even worth $30.00 in America. Now you know. A word is enough for the wise. I’m just saying

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