Senate approves 7.5 % VAT increase, six other taxes

The Nigerian Senate has passed the Finance Bill, which seeks to amend seven Acts of the National Assembly relating to taxes payable in the country.

The bill, which scaled through on Thursday, seeks an increment of the value-added tax from five per cent to 7.5 per cent.

It also seeks an increment in the Companies Income Tax, Customs and Excise, Petroleum Profit Tax, Stamp Duties, Personal Income Tax and Capital Income Tax.

Senate Minority Leader, Enyinnaya Abaribe, and Senators Ifeanyi Ubah, Gabriel Suswan and Abba Moro, however, raised objections to the bill, according to a report by PUNCH.

They said the increment in taxes would further compound the suffering and pains of Nigerians.