Wednesday , 11 December 2019
Home / News / Senate okays 7.5% hike in VAT,  6 other taxes 

Senate okays 7.5% hike in VAT,  6 other taxes 

The Senate on Thursday passed the Finance Bill which seeks to amend seven Acts of the National Assembly relating to taxes payable in the country.
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.

AmarSim Associations Development Consultants

Check Also

Petroleum Tankers Safety Bill Passes Second Reading In Senate

A bill seeking to reduce frequent accidents by petroleum trucks on Nigerian roads on Tuesday …

Leave a Reply

Your email address will not be published. Required fields are marked *