BREAKING : SENATE APPROVES BUHARI’S REQUEST TO INCREASE VAT

The senate has approved the request by President Muhammadu Buhari to increase value added tax (VAT) from 5 percent to 7.5 percent.

The senate approved the request after Solomon Olamilekan, chairman of the finance committee, presented a report on a bill entitled ‘Nigeria tax and fiscal law’.

In September, the federal executive council (FEC) approved an increase in VAT and sent a bill to the national assembly for consent.

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