{"id":80931,"date":"2021-09-10T16:49:31","date_gmt":"2021-09-10T15:49:31","guid":{"rendered":"https:\/\/www.withinnigeria.com\/news\/?p=80931"},"modified":"2021-09-10T16:49:31","modified_gmt":"2021-09-10T15:49:31","slug":"sanwo-olu-signs-vat-bill-into-law","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/news\/2021\/09\/10\/sanwo-olu-signs-vat-bill-into-law\/","title":{"rendered":"Sanwo-Olu signs VAT bill into law"},"content":{"rendered":"<p>Lagos State Governor Babajide Sanwo-Olu on Friday signed into law the State VAT Bill.<\/p>\n<p>The state commissioner for information and strategy Gbenga Omotosho in a statement said the <a href=\"https:\/\/www.withinnigeria.com\/news\/2021\/09\/08\/ive-no-interest-in-who-becomes-next-lasu-vc-sanwo-olu\/\" target=\"_blank\" rel=\"noopener\">governor<\/a> signed the \u201cbill for a law to impose and charge VAT on certain goods and services\u201d in Lagos State.<\/p>\n<p>\u201cBy this act, the Bill has now become a Law,\u201d Omotosho said.<\/p>\n<p>Lagos State House of Assembly on Thursday passed the state\u2019s Value Added Tax (VAT) bill into law. The Assembly also passed the bill banning open grazing of cattle in the state.<\/p>\n<p>Consequently, Lagos State Internal Revenue Service (LSIRS) has been empowered to administer and implement the law and account for money collected in accordance with the law.<\/p>\n<p>The VAT law titled, \u201cLagos State Value Added Tax Law: A Bill for a Law to Impose and Charge Value Added Tax On Certain Goods And Services, Provide for the Administration of the Tax and for Related Matters,\u201d empowers the state to charge VAT at the rate of six per cent on the value of goods and services in the state.<\/p>\n<p>It also states that \u201cthe value of taxable goods and services shall be determined in the following ways: where the supply is for a money consideration, its value shall be deemed to be an amount which with the addition of the tax chargeable is equal to the consideration.\u201d<\/p>\n<p>The law further states that revenue accruing from VAT would be shared on a ratio of 75 per cent to 25 per cent between the state government and the Local Government Council Areas.<\/p>\n<p>With Sanwo-Olu signing the bill into law, Lagos State is the second state, after Rivers State, to have a VAT law that empowers it to collect the tax despite an ongoing legal tussle between Rivers State and the Federal Inland Revenue Service (FIRS).<\/p>\n<p>A Federal High Court in Port Harcourt in August delivered a judgment restraining the FIRS from collecting VAT and personal income tax in Rivers State.<\/p>\n<p>FIRS on Wednesday said it has appealed the judgment which held that it does not have the right to collect VAT in the state.<\/p>\n<p>\u201cBe assured that FIRS has filed an appeal and that one is in process and that is why we are not able to speak,\u201d FIRS Group Lead, Special Tax Operations, Matthew Gbonjugbola told a news conference on Wednesday.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Lagos State Governor Babajide Sanwo-Olu on Friday signed into law the State VAT Bill. The state commissioner for information and strategy Gbenga Omotosho in a statement said the governor signed the \u201cbill for a law to impose and charge VAT on certain goods and services\u201d in Lagos State. \u201cBy this act, the Bill has now [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":80932,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"jnews_override_bookmark_settings":[],"jnews_override_counter":[],"footnotes":""},"categories":[2],"tags":[431,7391,430,15406],"class_list":["post-80931","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-national","tag-lagos","tag-lagos-assembly","tag-sanwo-olu","tag-vat"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.8 (Yoast SEO v27.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Sanwo-Olu signs VAT bill into law<\/title>\n<meta name=\"description\" content=\"Lagos State Governor Babajide Sanwo-Olu on Friday signed into law the State VAT Bill\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.withinnigeria.com\/news\/2021\/09\/10\/sanwo-olu-signs-vat-bill-into-law\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Sanwo-Olu signs VAT bill into law\" \/>\n<meta property=\"og:description\" content=\"Lagos State Governor Babajide Sanwo-Olu on Friday signed into law the State VAT Bill. The state commissioner for information and strategy Gbenga Omotosho\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.withinnigeria.com\/news\/2021\/09\/10\/sanwo-olu-signs-vat-bill-into-law\/\" \/>\n<meta property=\"og:site_name\" content=\"NEWS PICKS \u2014 WITHIN NIGERIA\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/facebook.com\/withinnigeria\" \/>\n<meta property=\"article:published_time\" content=\"2021-09-10T15:49:31+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.withinnigeria.com\/news\/wp-content\/uploads\/sites\/5\/2021\/09\/adejayan_gbenga\/2021\/09\/10\/SIGN-88-640x360-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"640\" \/>\n\t<meta property=\"og:image:height\" content=\"360\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Adejayan Gbenga Gsong\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" 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