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VAT increases from 5% to 7.5%

On Thursday, the Senate passed the Finance Bill aimed at amending the seven Acts of the National Assembly relating to taxes payable in the country.

According to Punch, the bill clearly seeks an increase of value-added tax from 5 per cent to 7.5 per cent, increment in the Companies Income tax, Customs and excise, Petroleum Profit Tax, Stamp duties, personal income tax and Capital Income tax.

The Minority Leader, Enyinnaya Abaribe, and Senators Ifeanyi Ubah, Gabriel Suswan and Abba Moro, nonetheless, proposed disapproval to the bill. They suggested the increase in taxes would further intensify the sufferings and pains of Nigerians.

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