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VAT Bill Passes Second Reading In Ogun State

Ogun state assembly

A bill to empower Government to collect Value Added Tax on certain goods and services within its shores on Tuesday scaled second reading at Ogun State House of Assembly.

Clerk of the Assembly, Mr Deji Adeyemo, read the bill for the first time during plenary session in Abeokuta, while the Majority Leader, Mr Yusuf Sherif, moved the motion for the second reading which was seconded by Mr Ganiyu Oyedeji.

While opening debate on the bill, the Chairman, House Committee on Finance and Appropriation, Mr Olakunle Sobukanla, noted that the bill was an avenue for the state to generate more revenue for its development.

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Sobukanla added that the more internally generated revenue by the state, the more infrastructure development in all sectors of the state.

In his submission, Oyedeji explained that the collection of VAT would allow the state to generate more revenue and meet the needs of the people.

The lawmaker stated that the people’s needs included fixing bad roads and the construction of new ones, provision of healthcare facilities among others, which all required finance.

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Other lawmakers who spoke supported the quick passage of the bill, saying that it would boost the socio-economic development of the state.

They noted that the passage of the bill would be a financial restructuring and a form of redistribution of internally generated revenue.

In his response, the Speaker of the house, Mr Olakunle Oluomo, commended the lawmakers for the deliberation, adding that the VAT law was needed in the state for more economic development.

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The speaker committed the bill to the House Committee on Finance and Appropriation for further legislative actions.

Lagos and are amongst the states that have passed their VAT bills into laws in their respective domains of recent while the Federal Inland Revenue Service has gone to the Court of Appeal in Abuja to seek redress on the judgement of a Rivers State court which empowered state government to collect VAT within their domains.

(NAN)

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