Senate Okays 7.5% VAT And 6 Other Tax Hikes - Politics - Nairaland
Nairaland Forum / Nairaland / General / Politics / Senate Okays 7.5% VAT And 6 Other Tax Hikes (24584 Views)
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| Senate Okays 7.5% VAT And 6 Other Tax Hikes by Omooba77: 1:27pm On Nov 21, 2019 |
The Senate on Thursday passed the Finance Bill which seeks to amend seven Acts of the National Assembly relating to taxes payable in the country. The bill specifically seeks an increment of the value-added tax from five per cent to 7.5 per cent. It also seeks an increment in the Companies Income tax, Customs and excise, Petroleum Profit Tax, Stamp duties, personal income tax and Capital Income tax. The Minority Leader, Enyinnaya Abaribe, and Senators Ifeanyi Ubah, Gabriel Suswan and Abba Moro, however, raised objections to the bill. They said the increment in taxes would further compound the sufferings and pains of Nigerians. Details later… https://punchng.com/breaking-senate-okays-7-5-hike-in-vat-6-other-taxes/ 2 Likes
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| Re: Senate Okays 7.5% VAT And 6 Other Tax Hikes by imiski(m): 1:29pm On Nov 21, 2019 |
VAT AND THE 30,000 MINIMUM WAGE: Nigerian inflation rate for the past 5years have been above 10% with a purchasing power of 50% given our naira devaluation. What this means is: with the current minimum wage of 18,000 naira goods you purchase are actually worth 9,000 naira(purchasing power). If goverment increases the minimum wage to 30,000 naira (which of course has the purchasing power of 15,000naira) life would be somewhat easier. If this 7.5% vat is introduced, it will further reduce the purchasing power of minimum wage earners. Meaning about 85% of Nigerians will be living below 2$ per day This law is regressive, wicked and against progressive change that was voted for 114 Likes 8 Shares |
| Re: Senate Okays 7.5% VAT And 6 Other Tax Hikes by TheELIMINATOR: 1:30pm On Nov 21, 2019 |
Next level perks 41 Likes |
| Re: Senate Okays 7.5% VAT And 6 Other Tax Hikes by beresponsible(m): 1:31pm On Nov 21, 2019 |
Eh ? We no gree. We go die for this one. Make 20% if you like Zoogeria 5 Likes |
| Re: Senate Okays 7.5% VAT And 6 Other Tax Hikes by celeiyke: 1:31pm On Nov 21, 2019 |
APC government. 11 Likes |
| Re: Senate Okays 7.5% VAT And 6 Other Tax Hikes by Nobody: 1:31pm On Nov 21, 2019 |
No comment and I mean it. No comment. 50 Likes 4 Shares |
| Re: Senate Okays 7.5% VAT And 6 Other Tax Hikes by Omooba77: 1:38pm On Nov 21, 2019 |
beresponsible:Wetin you wan do, crocodile go just smile for your domot............... 50 Likes |
| Re: Senate Okays 7.5% VAT And 6 Other Tax Hikes by johnmartus(m): 1:39pm On Nov 21, 2019 |
Fake news |
| Re: Senate Okays 7.5% VAT And 6 Other Tax Hikes by Kendumazy(m): 1:40pm On Nov 21, 2019 |
Okay naaw |
| Re: Senate Okays 7.5% VAT And 6 Other Tax Hikes by dynicks(m): 1:40pm On Nov 21, 2019 |
Chai! All these rubber stamp SINators!! Seem the guys in the green chamber are far better than these crooks we've got in the red chambers... Opps! Hope this ain't hate speech ? 52 Likes
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| Re: Senate Okays 7.5% VAT And 6 Other Tax Hikes by Omooba77: 1:40pm On Nov 21, 2019 |
johnmartus: That is hate speech 12 Likes |
| Re: Senate Okays 7.5% VAT And 6 Other Tax Hikes by Oceannaagent: 1:40pm On Nov 21, 2019 |
 Ndia egbue mmadu 7 Likes |
| Re: Senate Okays 7.5% VAT And 6 Other Tax Hikes by SincereBigot: 1:40pm On Nov 21, 2019 |
 next level.. Thank God apc supporters like the hike since it doesnt affect them43 Likes 2 Shares |
| Re: Senate Okays 7.5% VAT And 6 Other Tax Hikes by harmless011: 1:41pm On Nov 21, 2019 |
Buhari is busy levying taxes everywhere without any iota of accountability, from stamp duty to pos taxes, credit and debit taxes, also vat increase. Under this APC regime Nigeria may become the most taxed citizens of the world yet nothing to show for it. Upon all this we are still borrowing from every dick, tom and harry. If you talk DSS will pay you a surprise visit, 72 Likes 4 Shares |
| Re: Senate Okays 7.5% VAT And 6 Other Tax Hikes by AmazingELixir: 1:41pm On Nov 21, 2019 |
 The dumbest rubber stamp senate in the history of Nigeria....this evil party is set to finally seal the fate of the already oppressed. To the NLC, the victory of the minimum wage increase is pyrrhic afteral... devilish people in governance 40 Likes 3 Shares |
| Re: Senate Okays 7.5% VAT And 6 Other Tax Hikes by Blazar: 1:41pm On Nov 21, 2019 |
beresponsible: 1 Like 1 Share |
| Re: Senate Okays 7.5% VAT And 6 Other Tax Hikes by blackboy(m): 1:41pm On Nov 21, 2019 |
Rubber stamp senate 10 Likes |
| Re: Senate Okays 7.5% VAT And 6 Other Tax Hikes by delzbaba(m): 1:41pm On Nov 21, 2019 |
ONE DAY THEY WILL APOLOGIZE FOR THIS ATROCITY,MEANWHILE NIGERIANS CAN ONLY PROTEST ON INTERNET,UNA NO DEY ENTER STREET? 11 Likes |
| Re: Senate Okays 7.5% VAT And 6 Other Tax Hikes by Lighthammer(m): 1:41pm On Nov 21, 2019 |
Really |
| Re: Senate Okays 7.5% VAT And 6 Other Tax Hikes by Victory2222: 1:42pm On Nov 21, 2019 |
What of.minimum wage implementation |
| Re: Senate Okays 7.5% VAT And 6 Other Tax Hikes by SalamRushdie: 1:42pm On Nov 21, 2019 |
Very good ..zombies can you afford it? Because me I can oooo.. the Americans are reducing Company Income tax to stimulate their economy which has worked well as we can see while Buhari with an almost dead economy is increasing company income tax in the face of record levels unemployment which is tantamount to giving your sick horse a shot of cyanide to wake it up . In all my history I have never seen where anyone increased all tax bases at the same time .. Nigerians get ready for another round of bitter recession . Lets say the truth Buhari shouldn't be leading us because expecting him to get anything right is like expecting your Keke rider to lift a fully loaded Boeing 737 into the air  69 Likes 6 Shares |
| Re: Senate Okays 7.5% VAT And 6 Other Tax Hikes by Nobody: 1:42pm On Nov 21, 2019 |
Keep your nigeria keep beeing patriotic and wallow in your ignorance Your patriotism enriches their pockets Dumb citizens 16 Likes
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| Re: Senate Okays 7.5% VAT And 6 Other Tax Hikes by Jaynom(m): 1:42pm On Nov 21, 2019 |
Smh even personal income Tax. They would rather Tax us to Death Than reduce Their Salaries and Bonuses 26 Likes 2 Shares |
| Re: Senate Okays 7.5% VAT And 6 Other Tax Hikes by JONNYSPUTE(m): 1:42pm On Nov 21, 2019 |
Omooba77:.. Hahahahahaha. Or even python wee dey dance. 1 Like |
| Re: Senate Okays 7.5% VAT And 6 Other Tax Hikes by ednut1(m): 1:42pm On Nov 21, 2019 |
| Buhari till 2023 we love u sir 3 Likes |
| Re: Senate Okays 7.5% VAT And 6 Other Tax Hikes by YorubaNinja: 1:43pm On Nov 21, 2019 |
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| Re: Senate Okays 7.5% VAT And 6 Other Tax Hikes by blackboy(m): 1:43pm On Nov 21, 2019 |
Restructuring is really needed to move this country forward. A new constitution or amendment to the constitution that will make this country truly work and move in the right direction 6 Likes |
| Re: Senate Okays 7.5% VAT And 6 Other Tax Hikes by Nackzy: 1:43pm On Nov 21, 2019 |
Some idiots will still come online and support the VAT increment, buh if you see them on the street they are still suffering like every other Nigerian, they are still buying fuel 145, and very happy with, cos they told them they are fighting corruption 45 Likes |
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