Sanwo-Olu Assents to VAT Bill
Lagos State Governor Babajide Sanwo-Olu on Friday signed into law the State VAT Bill as passed by the House of Assembly.
The state commissioner for information and strategy Gbenga Omotosho in a statement said the governor signed the “bill for a law to impose and charge VAT on certain goods and services”.
“By this act, the he Bill has now become a Law,” Omotosho said.
The Lagos State House of Assembly on Thursday passed the State’s Value Added Tax, VAT, Bill a clean copy of which was immediately transmitted to Governor Sanwo-Olu for assent into law.
The Speaker of the state House, Mudashiru Obasa, had instantly , directed the Acting Clerk, Mr Olalekan Onafeko to send the copy to Governor same day for further action.
The bill was passed after unanimous votes by the lawmakers at the sitting where it was read for the third time.
Immediately after its passage, Obasa commended his colleagues for their passion to see that the state continues to grow.
“I Thank you all for this historic exercise,” Obasa said.
Consequently, Lagos State Internal Revenue Service (LSIRS) has been empowered to administer and implement the law and account for money collected in accordance with the law.
The VAT law titled, “Lagos State Value Added Tax Law: A Bill for a Law to Impose and Charge Value Added Tax On Certain Goods And Services, Provide for the Administration of the Tax and for Related Matters,” empowers the state to charge VAT at the rate of six per cent on the value of goods and services in the state.
Recall that the House held separate public hearings on the bills on Wednesday with stakeholders expressing support.