Breaking: Senate Approves 7.5% Increment in Taxes

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On Thursday, 21 November, the Senate approved the Finance Bill which sought to amend seven Acts of the National Assembly in relation to taxes.

The bill was approved after it passed the third reading on the floor of the Senate.

According to Channels News,  The bill is aimed at increasing the Value-added tax from five percent to 7.5 percent.

It also seeks to amend the Customs and Excise Tariff Act to encourage local manufacturers

The legislation under the bill includes Companies Income Tax, Value Added Tax, Customs and Excise Tariff, Capital Gains Tax Act, Petroleum Profit Tax, Personal Income Tax, and Stamp Duties Act.

Read also: Osinbajo urges Africa to adopt foreign initiatives to develop local tax policies , regulations

The Bill was however objected by The Minority Leaders, Enyinnaya Abaribe, and Senators Ifeanyi Ubah, Gabriel Suswan and Abba Moro.

According to them, the increase in Taxes would add more problems to Nigerians who are already suffering.

 

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