Finance Bill brouhaha: Senators threaten showdown over FG’s plan to hike VAT

  • 📰 MobilePunch
  • ⏱ Reading Time:
  • 60 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 27%
  • Publisher: 63%

Business News News

Business Business Latest News,Business Business Headlines

The Finance Act Bill seeking incremental changes to Nigeria’s tax and fiscal law, which passed second reading on the floor of the Senate on Wednesday, may not be plain sailing to become a law as some

senators have vowed to shoot down the bill.The majority of the legislators, who spoke in separate interviews withDuring plenary on Wednesday some senators raised points of objection to the bill, saying they were not given copies of the bill.

This was despite their vehement protests that such action would not enable them to make informed contributions, which the second reading was meant to achieve. Abdullahi led the debate following the insistence of Lawan that the bill should be considered even though the details were not made available. Senator Patrick Akinyelure, from Ondo Central, also noted that hike in VAT would not be necessary if the revenue collection agencies were effective in their operations.

“The Communication Service Tax Bill is the alternative we are proposing and it’s better than VAT increment.”, vowed to ensure that the bill did not see the light of day. “The only one they told us is that it seeks to increase VAT from 5 per cent to 7.5 per cent. Who knows if it contains other provisions that are worse than that.

Abaribe, who spoke with our correspondent on Friday, however, said his colleagues holding the same opinion with him on the proposed VAT increase would do the needful at the right time. She said, “The lead debate didn’t contain detailed information of what we are amending. We don’t know the provisions of the bill as of the time we were debating on its general principles.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Here comes bunch of irrelevant NoiseMakers who will use this noise making to cut a deal for themselves, and then later propose palliatives for the masses: palliatives that would only last for a few months. BTW, the CorruptNigPlc does not need a Senate. It's a waste of fund.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 8. in BUSİNESS

Business Business Latest News, Business Business Headlines