The Nigerian Senate
Malik Yahya/
The Senate today passed the Finance Bill seeking to amend seven Acts of the National Assembly relating to taxes payable in the country.
The bill seeks an increment of the value-added tax from five percent to 7.5 percent, as well as increment in the Companies Income tax, Customs and excise, Petroleum Profit Tax, Stamp duties, personal income tax and Capital Income tax.
The Minority Leader, Enyinnaya Abaribe, Senators Ifeanyi Ubah, Gabriel Suswan and Abba Moro, however, raised objections to the bill.
They argued the increment in taxes would further compound the sufferings and pains of Nigerians.
Details later…
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