Breaking: Lagos House Passes VAT Bill

The Lagos State House of Assembly on Thursday passed the Value Added Tax, VAT Bill, a legislation that will give the legal basis for the state to commence the collection and utilization of proceeds from VAT by the state.

Also on Thursday, the State House of Assembly passed the Anti-Open Grazing Bill which prohibits the open grazing of cattle within the state.

Both bills were passed unanimously as the bills were read the third time.

The passage of the VAT Bill by the Lagos State House of Assembly is the second time that such a law will come out in the country following a similar act in Rivers State.

Speaker Mudashiru Obasa who presided at the session immediately directed the Acting Clerk of the House, Mr. Olalekan Onafeko, to transmit a clean copy to Governor Babajide Sanwo-Olu for assent.

Speaker Obasa commended his colleagues for their passion to see that the state continues to grow.

“I thank you all for this historic exercise,” Speaker Obasa said.

 GreenWhiteGreen GWG reports that the Lagos State House of Assembly had held separate public hearings on the bills on Wednesday, with stakeholders expressing support.

The passage of the VAT bill by the Lagos State House of Assembly, follows the passage and assent of a similar bill in Rivers State. The moves have set the stage for states in the country to strip the Federal Inland Revenue Service, FIRS of its monopoly in the collection of VAT in the country.

 GreenWhiteGreen GWG had reported efforts by FIRS to block the move by the states by introducing legislation in the National Assembly to transfer VAT to the exclusive legislative list. However, that move has not come to light.

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