Governor Sanwo-Olu signs bill on Value Added Tax
The Lagos State Governor Babajide Sanwo-Olu has signed into law the State Value-Added Tax (VAT) Bill as passed by the House of Assembly on Thursday at the assembly chambers in unison
Penpushing reports that, Commissioner for Information and Strategy, Gbenga Omotoso made this known in a statement on Friday, adding that the Governor signed the bill on his return from official trip to Abuja, Federal Capital Territory (FCT)
“The governor signed the ‘bill for a law to impose and charge VAT on certain goods and services’ at about 11.45 a.m. on Friday after returning from an official trip in Abuja, By this act, the bill has now become a law’ Omotoso said.
Penpushing further reports that, it is recalled that, the House of Assembly on September 9, 2021 transmitted a clean copy of the Value Added Tax( VAT) Bill to the Governor, through the acting clerk of the House, Olalekan Onafeko.
The bill passéd through first and second readings on September 7 and was then handed to the House committee on finance, and the Speaker, Rt Hon Mudashiru Obasa while deliberating on the bill during plenary said it would further lead to an increase in the state’s revenue and infrastructural development.
The Speaker pointed out that when passed, the Value Added Tax (VAT) law would help the state meet challenges in its various sectors and also urged the state government to do everything legally possible, to ensure the judgment of the Federal High Court was sustained even up to the Supreme Court.
Penpushing also reports that, Obasa lamented a situation where about N500 billion would be generated from the state while N300 billion was generated from other South-west states, but paltry amounts would be disbursed to Lagos state in return
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