Senate okays FG’s Request Increasing VAT to 7.5%

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.