FIRS To Lose 50% Of VAT Collection As Sanwo-Olu Signs Lagos VAT Law

Governor Babajide Sanwo-Olu of Lagos State has signed into law the state Value Added Tax Bill a development that is set to shrink by more than half, the VAT collection of the Federal Inland Revenue Service, FIRS.

The state Commissioner for Information and Strategy, Mr Gbenga Omotoso who confirmed this in a statement on Friday, said the governor signed the bill after returning from an official trip.

“The Governor signed the bill for a law to impose and charge VAT on certain goods and services at about 11. 45am today, after returning from an official trip to Abuja. By this act, the Bill has now become a Law,” the statement partly reads.

The development comes a week after Rivers State Governor, Nyesom Wike signed a similar bill into law.

 GreenWhiteGreen GWG reports that Lagos and Rivers States are about the biggest contributors to the VAT pool that had until now been exclusively collected by the Federal Inland Revenue Service, FIRS.

Ahead of this development, the FIRS had sought to stop the implementation of the VAT law as passed by the Rivers State House of Assembly through a motion for a stay of execution of the judgment earlier obtained by Rivers State on the issue.

However, the motion was rejected by a Federal High Court, sitting in Port Harcourt, Rivers State.

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