News
Breaking: Reps kill Motion To Suspend Implementation Of 7.5% VAT
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…
-
News4 days agoOsun: Chairman Of Orisunbare Landlord Association, Olaniyan David, Needs ₦50 Million For Kidney Transplant
-
News5 days agoGreat Ife Alumni Association Mourns Passing Of Renowned Cultural Historian, Prof Siyan Oyeweso
-
News4 days agoOsun 2026: Osogbo Indigenes Rally Support For Kunle Adegoke’s Gubernatorial Ambition
-
News4 days agoInternational Disability Day: First Lady Empowers 250 PWDs In Osun With N50m