Senate Finally Approve Increase Of VAT From 5% To 7.5%

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 Pulse NG reports.

According to Punch, the bill clearly seeks an increase of value-added tax from 5 percent to 7.5 percent, 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.

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