Senate increases VAT to 7.5 %

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The Senate on Thursday passed the Finance Bill which seeks to increase the rate of Value Added Tax from five per cent to 7.5 per cent.

The bill 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.

Details later…


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