Senate Passes Bill to Increase VAT from 5% to 7.5%

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Jacks up VAT from 5% to 7.5%

By Deji Elumoye

The Senate on Wednesday passed the Executive Finance Bill 2019, which amended seven Acts of the National Assembly sent to it by President Muhammadu Buhari for consideration and passage on November 6.

The bill passed through third reading at plenary after a clause by clause consideration by the Committee of the Whole chaired by the Senate President, Dr Ahmad Lawan.

Major highlight of the bill, which was passed within 30 minutes, is the increase in the Value Added Tax (VAT) paid on goods by 50 per cent from five per cent to 7.5 per cent.

Although the Senate Minority Leader, Senator Enyinnaya Abaribe, raised objections to some of the clauses of the bill, Lawan however sustained all the recommendations of the Senate Committee on Finance headed by Senator Olamilekan Adeola.

Details later…