The House of Representatives, has on Tuesday, rejected a motion seeking to suspend the implementation of the 7.5 percent 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 that since the 2.5 percent increase in VAT is already an Act of the National Assembly, which has been signed into law, it cannot be suspended by a motion.
The 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.
The Speaker of the House of Reps., Femi Gbajabiamila, who agreed with Faleke, said that the issue contained in the motion has a commencement date, which can only be altered through a formal amendment bill.
More later…
