THE Ogun State House of Assembly has passed for first and second reading, a proposed bill on the Ogun State Value Added Tax Law, 2021.
With the bill, Ogun State has joined other states seeking the collection of Value Added Tax (VAT) within their territories.
As the bill scaled first and second readings at the Assembly on Tuesday, the lawmakers unanimously agreed that the bill is essential to accord Ogun its rightful position as a viable federating unit, especially as one generating worthy financial returns in the country.
Speaker of the Ogun State House of Assembly, Olakunle Oluomo, who presided over the session asked the Committee on Finance and Appropriation to take further legislative actions on the bill.
He announced that the Assembly would organise a public hearing on the bill on Thursday, September 16, at 10:00 am prompt.
Speaking further on the bill titled, “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”, Oluomo said it is part of the fulfilment for true federalism.
He added that the revenue generation of Ogun State must be complemented with equal remittance of allocation on monthly basis from the Federation account.
Lawmakers, in their submissions, supported the bill, calling for speedy passage.
A motion for the second reading of the bill was moved by the Majority Leader, Yusuf Sheriff, seconded by Ganiyu Oyedeji and supported by the Whole House through a voice vote.