GOVERNOR Babajide Sanwoolu is soon to be presented with a formal bill domesticating value added tax (Vat) after the Lagos State House of Assembly passed legislation vesting the power to collect the tax in the state government.
Up until now, Vat has been paid into the federal coffers but last month, a high court issued an order restraining Nigeria’s Federal Inland Revenue Service (Firs) from collecting the tax and personal income tax. As a result, several states led by Rivers and Lagos states, have taken charge of the collection of both taxes.
Earlier today, the Lagos State House of Assembly passed a law empowering the state government to collect Vat as well a bill that prohibits open cattle grazing across the state. Hon Mudashiru Obasa, the speaker of the Lagos State House of Assembly has subsequently directed the acting clerk Olalekan Onafeko, to transmit a clean copy to Governor Sanwoolu for his assent.
Both the open grazing and Vat bills were passed after unanimous votes by the lawmakers at the sitting where they were read for the third time. Immediately after their passage, Speaker Obasa commended his colleagues for their passion to see that the state continues to grow.