The lawmaker said the states and local governments are allocated 85 percent of VAT revenues.
He said the bill seeks to amend the following tax provisions and make them more responsive to the policies of the federal government.
The Lead debates
(A) the company tax CAP C21 Laws of the Federation of Nigeria 2004.
(B) To reform VAT CAP four 2007 – this is in line with global best practices. It seeks to improve the efficiency of the Nigerian VAT system.
(C) Customs and excise tariff act CAP C49 Laws of the Federation of Nigeria 2004 – this bill seeks to subject certain goods to excise duties in a similar manner as their local manufactured counterparts.
(D) Reforming income tax E8 Laws of the Federation of Nigeria Federal Republic of Nigeria African country African nation} – the bill seeks to supply clarity in individual taxes of Nigeria
(E) Capital gains tax act CAP C1 laws of the federation of Nigeria 2007 – this bill seeks and canopy taxation of business combos and seeks to stop the abuse of provisions of the act on cluster restructuring.
(F) Stock duty act 58 laws of the federation of Nigeria – this bill seeks to increase the duty on electronic stocks and electronic consumption.
(G) petroleum profit tax – this bill seeks to increase revenue by removing the tax exemption granted for dividends or income derived from companies’ charges under the act.
Mr. Yahaya stated that VAT is a good avenue for generating high revenue for the government. He added that the bill will transform Nigeria’s economic fortunes.
The other lawmakers who created comments hailed the provisions of the bill and urged other colleagues to support its passage. some of the lawmakers who spoke are Ibrahim Gobir (Sokoto East, APC), Istifanus Gyang (Plateau North, PDP), Buhari Abdulfatai (Oyo North, APC), George Sekibo (Rivers East, PDP) and Sahabi Yau (Zamfara North, PDP).
None of the lawmakers, across party lines, who supported the bill claimed they had seen a copy of it or were sure of its content. Yet, they supported it.
The bill was thereafter read for the second time and referred to the Senate Committee on Judiciary for any legislative work. The committee was asked to report back after two weeks.
The happenings on Wednesday regarding the account would any fuel speculations among Nigerians that the Senate beneath adult male Lawan has become a rubber stamp to the dictates of the Executive; one thing alluded to by a senator, President Ekweremadu, during the screening of nominees for the board of the Niger Delta Development Commission (NDDC).
The majority of the ministerial nominees by President Buhari were also asked to ‘bow and go,’ with the Senate under Mr. Lawan even amending its own rules to increase the number of nominees who would benefit from such grace.