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The Nigerian Senate of the ninth assembly has okayed the bill seeking for the increase in value added tax (VAT) from 5 percent to 7.5 percent.

The bill which was sent by President Muhammadu buhari in October 2018 was approved today 21st November, 2019.

If signed into law, Nigerians will pay more for specific goods and services that attract VAT.

The bill will also reform the tax regime by amending several Acts, namely Petroleum Proflt Tax Act (PPT), Custom and Excise Tax Act, Company Income Tax Act (CITA), Personal Income Tax Act, Value Added Tax Act, Stamp Duties Tax Act, and Capital Gains Act.

 

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