VAT Bill Undergoes First, Second Readings in Ogun Assembly
The proposed bill on the Ogun State Value Added Tax Law, 2021 has scaled first and second readings on the floor of the State House of Assembly, as all the lawmakers unanimously agreed that the bill, when operational, would accord the state its rightful position as a viable federating unit amongst the comity of states generating worthy financial returns in the country.
The lawmakers took turns to throw their weight behind the bill title "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", shortly after the motion for the second reading was moved by the Majority Leader, Yusuf Sheriff seconded by Ganiyu Oyedeji and supported by the whole house through a voice vote at a plenary presided over by Speaker Olakunle Oluomo at the Assembly Complex, Oke-Mosan, Abeokuta.
Contributing to the bill, 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, with a view to ensuring seamless funding of more developmental projects; lamenting that the State often got a lesser share of what it contributed under VAT to the federal government.
Responding, Speaker Oluomo lauded his colleague-lawmakers for their contributions to the bill and posited that the leading position of the state among the comity of states in the area of revenue generation must be complemented with equal remittance of allocation on monthly basis from the Federation account, saying the passage of the new VAT law was part of the need for the fulfilment of fiscal federalism.
He thereafter committed the bill to the Committee on Finance and Appropriation for further legislative actions.