Sanwo-Olu signs VAT bill into law to aid revenue generation

Sanwo-Olu signs VAT bill into law to aid revenue generation

Lagos State Governor, Babajide Sanwo-Olu, on Friday, September 10, signed the state Value Added Tax(VAT) Bill into Law.

Sanwo-Olu, who assented to the Bill at about 11.45 a.m. after returning from an official trip from Abuja, said: ”By this act, the Bill has now become a Law.”

The State House of Assembly had on Thursday, Sept. 9, passed the bill; for a law to impose and charge VAT on certain goods and services.

1st News reports that the Assembly passed the Bill; after a unanimous vote by all the 40 lawmakers during the plenary session; after it was read for the third time.

Also Read: Akeredolu says Ondo State not ready to cede land for open grazing

The Speaker of the Assembly, Mudasiru Obasa, thereafter, directed the Acting Clerk, Olalekan Onafeko, to transmit a clean copy of the bill to the governor for assent.

This comes a day after members of the Lagos State House of Assembly passed the VAT bill; and another that prohibits the open grazing of cattle in the state.

Both bills were passed after unanimous votes by the lawmakers during a plenary; after they were read for the third time.

Following the approval, the Speaker of the House, Mudashiru Obasa, had directed the Acting Clerk of the House, Olalekan Onafeko, to transmit clean copies of the bills to Governor Sanwo-Olu for assent.

While the governor assented to the VAT bill, the statement by the commissioner was silent about the bill; prohibiting the open grazing of cattle in Lagos.

Governor Sanwo-Olu signed the VAT bill into law three weeks after his counterpart in Rivers, Governor Nyesom Wike assented to the VAT; and Open Rearing and Grazing Prohibition bills; and three others passed by the Rivers State House of Assembly.

Governor Wike was the first to take such action after Rivers State challenged the legality of the Federal Internal Revenue Service (FIRS); to collect VAT – as it has done over the years – at the Federal High Court in Port Harcourt.

 

 

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