Senate to invite Ahmed, Fowler – TheNigerialawyer

The Senate Committee on Finance says it will invite the Minister
of Finance, Zainab Ahmed; and the Chairman, Federal Inland Revenue
Service, Babatunde Fowler, to provide reasons for the proposed
increase in Value Added Tax.

The Chairman of the Committee, Senator Solomon Adeola, disclosed
this in a statement issued by his Media Adviser, Mr. Kayode
Odunaro, in Abuja on Thursday.

Adeola said the invitation was hinged on the proposed plan to
increase VAT from 5 per cent to 7.2 per cent.

The Minister of Finance, Mrs. Zainab Ahmed had, after the
Federal Executive Council meeting on Wednesday, spoken on the
proposed plan to increase VAT.

Adeola said the proposed increase in VAT had generated mixed
reactions among the public on its possible effects on living
standards and the economy.

“We are glad that the minister of finance indicated that the VAT
act will have to be amended for the increase to take effect.

“But we are concerned about the current economic situation of
the country as it affects the generality of the people.”

Adeola said the interaction with the two key officials of
Federal Government would form part of the basis for possible
amendments of the VAT Act.

According to him, the meeting will further assuage any
sentiments against the proposed VAT increase, if eventually the Act
is amended.

(NAN)