Sep 20, 2021

Mawazo Writing Africa

Writing about the main

Lagos: Sanwo-Olu signs VAT bill into law —

Lagos State Governor Babajide Sanwo-Olu signed the state VAT law on Friday.

State Information and Strategy Commissioner Gbenga Omotosho said in a statement that the governor had the ” Bill “in the state of Lagos to collect and charge VAT on certain goods and services.

” With this bill, the bill is now a bill, “said Omotosho.

Lagos State House of Assembly On Thursday enacted the state’s value-added tax (VAT) law. The assembly also passed the state’s law banning open grazing of cattle.

As a result, the Internal Revenue Service (LSIRS) of the State of Lagos empowered to administer and implement the law and comply with the law.

The Value Added Tax Act entitled “Lagos State Value Added Tax Act: A bill to collect and levy value added tax on certain Goods and services, provision for the administration of the tax and related “affairs” authorizes the state to levy a value added tax of six percent on the value of goods and services in the state.

It is also called that “the value of taxable goods and services is determined as follows: If the delivery takes place for money, their value is considered an amount which, plus the tax to be paid, corresponds to the consideration.”

The law provides furthermore, that the revenue from the sales tax be divided in a ratio of 75 to 25 percent between the state government and the districts of the municipal council.

With the signing of the law by Sanwo-Olu, Lagos State is the second state under Rivers State, which has a sales tax law that allows it to recover the tax despite an ongoing lawsuit between Rivers State and the Federal Inland Revenue Service (FIRS) .

A federal court in Port Harcourt in August passed a ruling preventing FIRS from collecting sales tax and income tax in the state of Rivers.

FIRS on Wednesday said it was on appeal lodged the judgment in which it was established that it is not entitled to collect VAT in Switzerland.