Nothing Stops States from Collecting VAT - Ogun Speaker
Ogun State House of Assembly says the proposed State Value Added Tax Law, 2021 is pivotal towards achieving fiscal restructuring in the country that will ensure equity and fairness in revenue sharing amongst the federating units.
The Speaker, Rt. Hon. Olakunle Oluomo, disclosed this while declaring open a stakeholders' forum on "H.B. 073/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" held at the Assembly Complex, Oke-Mosan, Abeokuta.
Oluomo clarified that the proposed bill would improved revenue to the state, as the revenue item was not listed in the exclusive list of the nation's constitution; hence the State had the right to collect Value Added Tax.
The Speaker noted that the South-West Conference of Speakers was already putting in place more feasible modalities to enhance the collective development of the Southwestern States, with a view to further promoting effective service delivery and charting the path towards true fiscal federalism.
Assuring stakeholders of speedy passage of the bill, the Speaker noted that it had become imperative to improve the internally generated revenue of the State to aid the implementation of more socio-economic development in all parts of the State.