Reps approves VAT hike to 7.5% 

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The House of Representatives has approved the request by President Muhammadu Buhari to increase value added tax (VAT) from 5 percent to 7.5 percent.

The lower legislative chamber approved the request during Thursday’s plenary session. Buhari sent the Finance Bill in October.

The Senate passed the bill a week ago amid opposition from some lawmakers.

The Finance Bill seeks to amend six tax provisions, including the Value Added Tax Act, Personal Income Tax Act, Petroleum Profit Tax Act, Customs and Excise Tax Act, Company Income Tax Act, Stamp Duties Tax Act, and Capital Gains Act.

Following approval of the bill by both chambers of the National Assembly, the joint committees of the parliament will concur and subsequently send to Buhari for assent.

The Minister of Finance, Zainab Ahmed, said on Wednesday that the new VAT regime will come into effect on January 2, 2020. 

 

 

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