The House of Representatives has rejected a motion seeking to
suspend implementation of the 7.5% Value Added Tax (VAT) Act in the
interest of Nigerians owing to impacts of the COVID-19
pandemic.
In rejecting the motion, the lawmakers said since the 2.5 %
increase in VAT was already an Act of the National Assembly, which
has been signed into law, it cannot be suspended by a motion.
Chairman of the House Committee on Finance, James Faleke, had
objected to the motion being moved and drew attention of the House
to the fact that since the issue contained in the motion affects an
existing law, it will be out of place to suspend it with just a
motion.
Speaker Femi Gbajabiamila, who agreed with Faleke, said the
issue contained in the motion has a commencement date, which can
only be altered through a formal amendment bill.
Details shortly…
The House of Representatives has rejected a motion seeking to
suspend implementation of the 7.5% Value Added Tax (VAT) Act in the
interest of Nigerians owing to impacts of the COVID-19
pandemic.
In rejecting the motion, the lawmakers said since the 2.5 %
increase in VAT was already an Act of the National Assembly, which
has been signed into law, it cannot be suspended by a motion.
Chairman of the House Committee on Finance, James Faleke, had
objected to the motion being moved and drew attention of the House
to the fact that since the issue contained in the motion affects an
existing law, it will be out of place to suspend it with just a
motion.
Speaker Femi Gbajabiamila, who agreed with Faleke, said the
issue contained in the motion has a commencement date, which can
only be altered through a formal amendment bill.
Details shortly…