The Nigerian Senate
has passed the Finance Bill, which seeks to amend seven Acts of the National
Assembly relating to taxes payable in the country.
The bill, which scaled
through on Thursday, 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.
Senate 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 suffering and pains of Nigerians.
