Sanwo-Olu Finally Signs VAT Bill Into Law

Must Read

- Advertisement -

Lagos State Governor Babajide Sanwo-Olu has signed into law the State VAT Bill as passed by the House of Assembly.

By this act, the Bill has now become a Law to impose and charge VAT on certain goods and services.

Consequently, Lagos State Internal Revenue Service (LSIRS) has been empowered to administer and implement the law and account for money collected in accordance with the law.

The VAT law titled, “Lagos State Value Added Tax Law: A Bill for a Law to Impose and Charge Value Added Tax On Certain Goods And Services, Provide for the Administration of the Tax and for Related Matters,” empowers the state to charge VAT at the rate of six per cent on the value of goods and services in the state.

- Advertisement -

It also states that “the value of taxable goods and services shall be determined in the following ways: where the supply is for a money consideration, its value shall be deemed to be an amount which with the addition of the tax chargeable is equal to the consideration.”

The law further states that revenue accruing from VAT would be shared on a ratio of 75 per cent to 25 per cent between the state government and the Local Government Council Areas.

FRSC Re-Strained From Collecting VAT

Meanwhile, a Federal High Court in Port Harcourt in August delivered a judgment restraining the FIRS from collecting VAT and personal income tax in Rivers State.

FIRS on Wednesday said it has appealed the judgment which held that it does not have the right to collect VAT in the state.

- Advertisement -

“Be assured that FIRS has filed an appeal and that one is in process and that is why we are not able to speak,” FIRS Group Lead, Special Tax Operations, Matthew Gbonjugbola told a news conference on Wednesday.

- Advertisement -
spot_imgspot_img

Subscribe to BrandSpur Ng

Subscribe for latest updates. Signup to best of brands and business news, informed analysis and opinions among others that can propel you, your business or brand to greater heights.

- Advertisement -

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Latest News

Nigeria Needs Clear Procedures On Cross Border Trade – LCCI-Brand Spur Nigeria

Nigeria Needs Clear Procedures On Cross Border Trade – LCCI

Nigeria needs to have clear procedures on cross-border trade and make it easy to comply with by all kinds and sizes of enterprises involved...
- Advertisement -
spot_imgspot_img

Latest News

Nigeria Needs Clear Procedures On Cross Border Trade – LCCI

Nigeria needs to have clear procedures on cross-border trade and make it easy to comply with by all kinds...
- Advertisement -
BrandsPur Weekly Cartoons
- Advertisement -spot_imgspot_img