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The Value Added Tax Bill has scaled second reading on the floor of Ogun State House of Assembly.
The lawmakers agreed that the bill, when operational, would accord the state its rightful position as a viable federating unit amongst the comity of states generating huge financial returns in the country.
The bill was christened “H.B No. 73/OG/2021- 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 purposes.”
At the plenary presided over by the Speaker, Olakunle Oluomo, the majority leaders, Yusuff Sheriff moved the motion for the second reading of the bill and was seconded by Ganiyu Oyedeji and supported by the whole house through a voice vote.
In his contribution, Olakunle Sobukanla, Ganiyu Oyedeji, Adegoke Adeyanju and Abdul Bashir Oladunjoye, underscored the need for the enactment of the proposed law in the State as a federating unit to further improve revenue accruable to the State.
They said the development will ensure a seamless funding of more developmental projects in the State, lamenting that the State often get a lesser share of what it contributed under VAT to the federal government.
In their submissions, Honourables Kemi Oduwole, Oludaisi Elemide, Solomon Osho and Olusola Adams, opined that the bill was meant to improve on the State’s financial status through tax revenue generation.
They pointed that VAT collection was presently not listed in the exclusive legislative list and thereafter sought for the consideration of tax reduction for owners of small and medium scale business.
On their part, Honourables Atinuke Bello, Sylvester Abiodun, Musefiu Lamidi and Yusuf Sheriff called for the speedy passage of the proposed bill, noting that it was a pointer to the fiscal restructuring, which had been an issue of national discourse.
Responding, Speaker Oluomo lauded the lawmakers,adding that the the passage of the new VAT law was part of the need for the fulfilment of fiscal federalism.
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