Senate Passes Finance Bill Proposing VAT Increase, Others

The Senate has passed the Finance Bill.

Members of the upper chamber of the National Assembly passed the bill during Thursday’s plenary after it scaled through the third reading on the floor of the Senate.

The bill seeks to amend six tax provisions and make them more responsive to tax reform policies.

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

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

The passage of the bill followed the presentation of the report of the Senate Committee on Finance by Senator Adeola Solomon.

Lawmakers present, thereafter, shared their various perspectives on the effects of the bill on the nation and its people.

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