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Gov. Sanwo-Olu signs VAT Bill into law.

THE Lagos State Governor, Mr Babajide Sanwo-Olu has signed into law the State Value Added Tax (VAT) Bill as passed by the House of Assembly.

According to a statement signed by the Lagos State Commissioner for Information and Strategy, Mr Gbenga Omotoso, the Governor signed the “bill for a law to impose and charge VAT on certain goods and services”.

It should be noted that on Thursday, September 9, 2021, the Lagos State House of Assembly passed the Value Added Tax (VAT) bill to enable the state government collect VAT instead of the Federal Government.

The passage of the bill followed a court ruling in Rivers State that, statutorily, State Governments and not the Federal Government, through the Federal Inland Revenue Service, FIRS should collect VAT.

The bill had on Monday, September 6, 2021 scaled the second reading as the lawmakers debated on it extensively during the plenary session of the Lagos House of Assembly.

The bill was passed after a unanimous vote by the lawmakers at a sitting where it was read the third time.

Rt. Hon Mudashiru Obasa, the Speaker of the House, directed the Acting Clerk , Olalekan Onafeko, to transmit a clean copy to Governor Babajide Sanwo-Olu for assent. Gov. Sanwo-Olu then signed the Bill into a Law at about 11:45pm yesterday.