Stella Dimoko Korkus.com: Lagos State Gov Sanwo Olu Signs VAT Bill Into Law....

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Saturday, September 11, 2021

Lagos State Gov Sanwo Olu Signs VAT Bill Into Law....

 The Lagos State Governor, Mr. Babajide Sanwo-Olu,on Thursday signed into law, the State VAT Bill that was passed by the House of Assembly..
Sanwo-Olu signed the bill for a law to impose and charge VAT on certain goods and services.




Will this not lead to Increase in prices? Na so Naija be oh


16 comments:

  1. There is an increase in price already.
    I am not even against paying tax but the annoying thing is that we do not see what they use this VAT for.

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    Replies
    1. You will now start seeing it.

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  2. Please those in the know , can y’all educate us about this VAT law properly? I’ll be really grateful. God bless!

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    Replies
    1. What it means is that, the taxes from company located in Lagos and Port Harcourt who had signed the law will be paying directly to the state account and no longer the federal government. The state will use it for it's own development and not waiting for peanut from the federal government allocation.

      What gave room to this development I believe was the grave injustice melted on the southern state. Imagine Kaduna and other northern states destroying alcoholic products in the north and yet receiving VAT on the same goods they are destroying from the federal government. Who's fooling who?

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  3. This is due. You cannot rub Peter to pay Paul.

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  4. I love this. Better late than never. Restructuring obviously taking place. Other state in the south should join into this and save themselves from the northern exploitation.

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    Replies
    1. You can see the civil way they went about things, not burning people and properties.

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  5. With my little understanding,VAT is being collected by the FIRS already, then remitted to the FG, so the FG then shares between states..that was why Wike was angry and twitted his state remitted 14b plus and was given 7b whilst Lagos state remitted 40b plus and was given equally low.and Kano remitted 2.8b, and was given same amount. This led to Wike assigning lawyers to go through the constitution,and they saw a loophole that says an institution can collect VAT not necessarily FIRS..all this while ..na FIRS Dem dey teach person for school.
    Now FIRS has fought back by stating that same constitution states VAT is an exclusive list not a concurrent list so a state has no right to collect VAT.

    ReplyDelete
    Replies
    1. But there request wasn't granted by the court.

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  6. Basically the fight for individual VAT collection is because states like Lagos that are the highest contributors of VAT feel that distribution should be made based on contributions.

    I do not fault them, since Nigeria govt would rather run a tribalistic and divisive govt where some tribes are more important than others, then let each state survive based on the taxes it can generate internally. If not for the confusion and complications it will bring, I would have preferred it so that everyone will vote government that will bring about development to their state except they want to all elope to Lagos. But as we know Nigeria, this won't see the light of day....

    ReplyDelete
    Replies
    1. I share your sentiment as well. When you say it won't see the light of the day, what do you mean by that?

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  7. It is really not fair aha. They should also start making us pay taxes to state we live. I work in Abuja but my salary taxes goes to oyo state cos I used that address when I applied for employment. Let ppl pay tax where they live n work cos that's where you are using the infrastructure

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