The House of Representatives has rejected a motion seeking to suspend implementation of the 7.5% 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 since the 2.5 % increase in VAT was already an Act of the National Assembly, which has been signed into law, it cannot be suspended by a motion.

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.

Speaker Femi Gbajabiamila, who agreed with Faleke, said the issue contained in the motion has a commencement date, which can only be altered through a formal amendment bill.

Details shortly…

"Exciting news! TheNigeriaLawyer is now on WhatsApp Channels 🚀 Subscribe today by clicking the link and stay updated with the latest legal insights!" Click here! ....................................................................................................................... [ays_poll id=3] Unauthorized use and/or duplication of this material and other digital content on this website, in whole or in part, without express and written permission from TheNigeriaLawyer, is strictly prohibited _________________________________________________________________

School Of Alternative Dispute Resolution Launches Affiliate Program To Expand Reach

For more information about the Certificate in ADR Skills Training and the affiliate marketing program, visit www.schoolofadr.com, email info@schoolofadr.com, or call +2348053834850 or +2348034343955. _________________________________________________________________

NIALS' Compendia Series: Your One-Stop Solution For Navigating Nigerian Laws (2004-2023)

Email: info@nials.edu.ng, tugomak@yahoo.co.uk, Contact: For Inquiry and information, kindly contact, NIALS Director of Marketing: +2348074128732, +2348100363602.