The Governor of Lagos, Babajide Sanwo-Olu has signed the state’s Value Added Tax (VAT) Bill into law.
Gbenga Omotosho, the State Commissioner for Information revealed this in a press statement on Friday.
“Lagos State Governor Babajide Sanwo-Olu has signed into law the State VAT Bill as passed by the House of Assembly.
“The Governor signed the ‘bill for a law to impose and charge VAT on certain goods and services’ at about 11.45am today, after returning from an official trip to Abuja. By this act, the Bill has now become a Law,” Omotoso said.
Recall the Lagos State House of Assembly had on Thursday unanimously passed the bill.
VAT is collected on a product at every stage of its production during which value is added to it, from its initial production to the point of sale. The amount of VAT that the user pays is based on the cost of the product, less any costs of materials used in the product that have already been taxed at a previous stage.
The issue of VAT has become a hot topic on social media after Rivers State Governor, Nyesom Wike, on Wednesday ordered companies based in the state to start paying VAT to the state government.
