The Speaker of the House of Representatives, Mr Femi Gbajabiamila has stopped a motion seeking the nullification of 7.5% Value Added Tax (VAT) Act in the interest of Nigerians.
Naija News understands that a lawmaker had called for the nullification of 7.5% Value Added Tax (VAT) Act in the interest Nigerian explaining that the impact of COVID-19 pandemic on several medium and small scale business was quite drastic and the new VAT will become too burdensome.
However, while rejecting the motion, the lawmakers said since the 2.5 % increase in VAT was already an Act of the National Assembly, which has been signed into law, it cannot be suspended by a motion.
Chairman of the House Committee on Finance, James Faleke, had objected to the motion being moved and drew the attention of the House to the fact that since the issue contained in the motion affects an existing law, it will be out of place to suspend it with just a motion.
Speaker Femi Gbajabiamila, who agreed with Faleke, said the issue contained in the motion has a commencement date, which can only be altered through a formal amendment bill.
Source: Naija News