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Reps ask FG to bring Bill on proposed increase of VAT

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Tiamiyu Saheed Oluwatosin
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calendar-icon Posted on: 2019-10-23 07:48:31
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The House of Representatives has asked the federal government to bring the bill that will allow the legislators to approve the proposed increase of the Value Added Tax (VAT).

The Minister of Finance, Zainab Ahmed, announced the new increase in VAT in September, which has generated controversy both online and offline.

The new proposal will increase Value Added Tax (VAT) from 5% to 7.5%.

The Joint Committee of Finance and Appropriations through James Faleke, noted that FG will bring the Finance bill together with the budget.

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Feleke while reading the recommendations of his committee on MTEF said, “Urge the National Assembly should expedite action on the passage of the finance bill which will be brought along with the National Budget into Law for easy implementation of the 2020 budget, most especially in the area of VAT.”

The committee also asked for the amendment of the Production Sharing Contracts (PSC) while calling for investigation of the Joint Venture Contracts with in International Oil companies (IOCs).

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