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Like Senate, Reps pass bill raising VAT from 5% to 7.5%
The House of Representatives Thursday passed the 2019 Finance Bill presented by President Muhammadu Buhari after it passed its third reading.
The Senate had earlier passed the bill as well.
The bill, which introduced tax incentives for investment in infrastructure, capital markets and supports small businesses also amended six tax provisions to make them more responsive to tax reform policies.
READ ALSO: Ex-Gov Fayose’s alleged N6.9bn fraud trial stalled
Analysts expect the 2019 Finance Bill to reform the current tax regime by amending seven acts namely: Petroleum Profit Tax Act, Custom and Excise Tax Act, Company Income Tax Act, Personal Income Tax Act, Value Added Tax Act, Stamp Duties Tax Act, and Capital Gains Act.
In addition to increasing the Value Added Tax (VAT) on specific goods and services from 5 percent to 7.5 percent, the bill also amends the tax provision of the Customs and Excise Tariff Act to encourage local manufacturers.
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