Thursday, 28 November 2019

House of Reps approves VAT increase


House of Reps approves VAT increase


Members of the House of Representatives have approved President Muhammadu Buhari’s request to increase value added tax (VAT) from 5 percent to 7.5 percent.

The lower legislative chamber approved the request on Thursday, November 28, 2019, during plenary session.
The rep members approved the request barely a week after the senate passed the bill on VAT increment.
The finance bill seeks to amend six tax provisions, including that of the Customs and Excise Tariff Act.
After laying the 2020 Appropriation Bill before the National Assembly, President Muhammadu Buhari had sent the bill to both the Senate and the House to approve the increment through the amendment in October 2019.
Earlier in November, the House of Representatives had criticised the plans by the Federal Government to increase VAT.
The lawmakers argued that the proposed increase will create more problems for the masses.

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