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Senate Approves Increment Of VAT

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

Recall that President 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 and fiscal law’.

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

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