{"id":36342,"date":"2019-11-21T15:16:32","date_gmt":"2019-11-21T14:16:32","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=36342"},"modified":"2019-11-21T15:16:32","modified_gmt":"2019-11-21T14:16:32","slug":"senate-okays-7-5-hike-in-vat-6-other-taxes","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/senate-okays-7-5-hike-in-vat-6-other-taxes\/","title":{"rendered":"Senate Okays 7.5% Hike In VAT, 6 Other Taxes"},"content":{"rendered":"

The Senate on Thursday passed the Finance Bill which seeks to amend seven Acts of the National Assembly relating to taxes payable in the country.<\/p>\n

The bill specifically seeks an increment of the value-added tax from five per cent to 7.5 per cent.<\/p>\n

It also seeks an increment in the Companies Income tax,\u00a0 Customs and excise, Petroleum Profit Tax, Stamp duties,\u00a0 personal income tax and Capital Income tax.<\/p>\n

The Minority Leader, Enyinnaya Abaribe, and\u00a0Senators Ifeanyi Ubah, Gabriel Suswan and Abba Moro, however, raised objections to the bill.<\/p>\n

They said the increment in taxes would further compound the sufferings and pains of Nigerians.<\/p>\n

The Senate on Thursday passed President Muhammadu Buhari\u2019s Finance Bill, 2019, which seeks an amendment of Nigeria\u2019s tax laws. The passage of the Bill was sequel to the consideration of the report of the Senate Committee on Finance.<\/p>\n

In his presentation of the report, Chairman of the Committee, Senator Olamilekan Adeola, said the Bill specifically seeks to amend Nigeria\u2019s tax provisions and make them more responsive to the tax policies of the Federal Government, among other things.<\/p>\n

He added that the amendment and passage of the Finance Bill would enhance the implementation and effectiveness of government\u2019s tax policies. According to Adeola, the initiative to reform the tax system and the proposed modifications to the fiscal rules around taxation are clearly aimed at creating an enabling business environment aimed at minimizing the tax burden for Micro, Small and Medium Enterprises (MSMEs).<\/p>\n

The Acts amended in the Finance Bill are: Companies Income Tax Act, Cap C21 2004 (as amended to date); Value Added Tax Act, Cap VI, LHN 2007 (as amended), and Customs and Excise Tariff (Consolidation) Act, Cap C49, 2004. Others are: Personal Income Tax Cap P8, LFN 2007 (as amended); Capital Gains Tax Act Cap C1, LFN 2007; Stamp Duties Act Cap S8, LFN 2004, and the Petroleum Profit Tax Act (PPTA) 2004.<\/p>\n

Senator Adeola further said that the Finance Bill, as amended, would promote fiscal equity by mitigating instances of regressive taxation, as well as introduce tax incentives for investment in infrastructure and capital markets.<\/p>

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He added that the bill when signed into law by the President, would support small businesses in line with the on-going \u201cEase of Doing Business Reforms\u201d and raise revenues for the Government.<\/p>\n

In his concluding remarks after the clause-by-clause consideration, President of the Senate, Ahmad Lawan, said the bill\u2019s passage by the Senate was intended \u201cto ensure that we (National Assembly) streamline the tax system in Nigeria and get revenue for government to provide services and infrastructure to the citizens of this country.<\/p>\n

\u201cWhat we have done is very significant because this is to ensure we not only have credible and reliable sources of funding for the 2020 Budget, but also for subsequent activities of government.<\/p>\n

\u201cThe revenue generating agencies will have to sit up. The National Assembly, particularly the Senate, will be mounting a lot of oversight on the revenue generating agencies. If they have targets, we must ensure they meet these targets.<\/p>\n

\u201cWhat we intend to do is to engage the revenue generating agencies on a quarterly basis to evaluate their performance on revenue generation, and to identify if there are challenges and how we can achieve better outcomes.<\/p>\n

\u201cI believe what we have done is not to put tax burdens on the ordinary people. What we have done is to create more revenues to provide services and infrastructure for Nigerians, including the ordinary people. \u201cThis exercise was done in a bi-partisan manner, and that is what we are known for,\u201d Lawan said.<\/p>\n

Meanwhile, a total of eleven bills scaled first reading during Thursday\u2019s plenary. They are: Chartered Institute of Stock Brokers (Est.) Bill, 2019 (SB. 185), by Senator Amosun lbikunle Oyelaja (Ogun Central); Public Health Institutions Trust Fund (Est.) Bill, 2019 (SB. 188), by Senator Buhari Abdulfatai (Oyo North); Social Intervention Programmes Agency (Est.) Bill, 2019 (SB. 190), by Senator Ndume Mohammed Ali (Borno South), and Nigerian Metrological Agency Act 2003 (Repeal & Re-enactment) Bill, 2019 (SB. 192), by Senator Abdullahi Yahaya Abubakar (Kebbi North).<\/p>\n

Others are: Nigerian College of Aviation Technology Act CAP N 96 LFN 2004 (Repeal & Re-enactment) Bill, 2019 (SB. 193), by Senator Abdullahi, Yahaya Abubakar (Kebbi North); Nigerian Airspace Management Agency Act CAP N90 LFN 2004 (Repeal 8: Reenactment) Bill, 2019 (SB. 194), by Senator Abdullahi Yahaya Abubakar (Kebbi North-Senate Leader), and Civil Aviation Act 2006 (Repeal & Re-enactment) Bill, 2019 (SB. 195), by Senator Abdullahi, Yahaya Abubakar (Kebbi North-Senate Leader).<\/p>\n

The bills which also scaled first reading include: Federal Airport Authority of Nigeria Act CAP FSLFN 2004 (Repeal & Re-enactment) Bill, 2019 (SB. 196), by Senator Abdullahi, Yahaya Abubakar (Kebbi North \u2013 Senate Leader); Nigerian Safety Investigation Bureau (Est. etc) Bill, 2019 (SB. 197), by Senator Abdullahi Yahaya Abubakar (Kebbi North \u2013 Senate Leader); Care and Protection of Child Parents Bill, 2019 (SB. 198), by Senator Sani Uba (Kaduna Central), and Integrated Rural Development Agency (Est, etc) Bill 2019( SB. 199), by Senator Oduah, Stella Adaeze (Anambra North).<\/p>\n","protected":false},"excerpt":{"rendered":"

The Senate on Thursday passed the Finance Bill which seeks to amend seven Acts of the National Assembly relating to taxes payable in the country.<\/p>\n","protected":false},"author":6,"featured_media":25243,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[23,1593,17,624],"tags":[699],"coauthors":[2391],"class_list":["post-36342","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-business","category-metro","category-news","category-politics","tag-vat"],"yoast_head":"\nSenate Okays 7.5% Hike In VAT, 6 Other Taxes - National Wire<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nationalwire.com.ng\/sub\/senate-okays-7-5-hike-in-vat-6-other-taxes\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Senate Okays 7.5% Hike In VAT, 6 Other Taxes - 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