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Breaking: Sanwo-Olu signs VAT Bill into law

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Governor Babajide Sanwo-Olu of Lagos State has signed into law the State Value Added Tax, VAT Bill.

Governor Babajide Sanwo-Olu of Lagos State, on Friday, became the second governor to sign a new Value Added Tax bill into law.

The new instrument, titled, “Bill for a law to impose and charge VAT on certain goods and services” was signed at about 11. 45am, at Lagos House, Alausa, Ikeja, on Friday, shortly after returning from an official trip to Abuja.

By this act, the Bill has now become a Law. Recall that on Thursday, September, 9th, 2021, members of the Lagos State House of Assembly, passed the VAT Bill, 2021 to Mr Governor for assent into law.

Earlier, the bill went through its Public Hearing stage on Wednesday, which received resounding contributions and support from stakeholders.

The recommendations of the report of the Committee on Finance were unanimously adopted as the resolutions of the House, leading to its third reading.

Thereafter, the Speaker, Mudashiru Ajayi Obasa directed the Acting Clerk of the House, Mr Olalekan Onafeko to forward clean copies of the bill to Mr Babajide Sanwo-Olu for his assent.

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