VAT bill passes first, second readings in Ogun Assembly

user_icon VAT bill passes first, second readings in Ogun Assembly Posted by: NOTICE.COM.NG Staff
calendar-icon VAT bill passes first, second readings in Ogun Assembly Posted on: 2021-09-14 17:07:15
VAT bill passes first, second readings in Ogun Assembly OGUN-STATE-HOUSE-OF-ASSEMBLYOGUN-ASSEMBLY59291

Ogun State is set to join other states seeking the collection of Value Added Tax (VAT) within their territories, Press reports.

This is as the Ogun State House of Assembly passed for first and second reading, a proposed bill on the Ogun State Value Added Tax Law, 2021.

As the bill scaled first and second readings at the Assembly on Tuesday, the lawmakers unanimously agreed that the bill is essential to accord Ogun its rightful position as a viable federating unit, especially as one generating worthy financial returns in the country.

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Speaker of the Ogun State House of Assembly, Olakunle Oluomo, who presided over the session asked the Committee on Finance and Appropriation to take further legislative actions on the bill.

He announced that the Assembly would organise a public hearing on the bill on Thursday, September 16, at 10:00 am prompt.

Speaking further on the bill titled, “H.B No. 73/OG/2021- A Bill for a law to impose and charge Value Added Tax on certain Goods and services, provide for the administration of the Tax and for related purposes”, Oluomo said it is part of the fulfilment for true federalism.

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He added that the revenue generation of Ogun State must be complemented with equal remittance of allocation on monthly basis from the Federation account.

Press reports that the lawmakers, in their submissions, supported the bill, calling for speedy passage.

A motion for the second reading of the bill was moved by the Majority Leader, Yusuf Sheriff, seconded by Ganiyu Oyedeji and supported by the Whole House through a voice vote.

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