Senate Approves Increment Of VAT

The Senate has on Thursday approved the increment of Value Added Tax (VAT) from 5% to 7.5%.

Recall that President Muhammadu Buhari sent a request to the Senate to approve the increment .

The senate approved the request after Solomon Olamilekan, chairman of the finance committee, presented a report on a bill entitled ‘Nigeria tax and fiscal law’.

In September, the federal executive council (FEC) approved an increase in VAT and sent a bill to the national assembly for consent.