VAT Bill, catalyst for developmental projects – Gbenga Omotosho
By Felicia Nwosu
In a bid to fulfill its obligations to Lagosians in achieving the 21st century Smart City, Mr. Babajide Sanwo- Olu, the Executive Governor of Lagos State has signed into law, the state Value Added Tax (VAT) Bill, to impose and charge VAT on certain goods and services as passed by the state House of Assembly.
This was disclosed by Honourable Gbenga Omotosho, Commissioner for Information and Strategy, Lagos State during an exclusive interview with MARKETING EDGE.
According to the Commissioner, it is part of the state’s drive to be able to fulfill its obligations to Lagosians, and the income from VAT will serve as a catalyst for developmental projects for the state.
Explaining further, the Communication Strategist said: “This will help the government to pay more attention and spend more money in building roads, new schools and accomplishing all that we have promised the people that we will do. For Lagos, it is good news, it means having more money to fulfill our obligation of the things that will make Lagos beautiful to stand out as a 21st century mega city.”
While responding on what implication the bill will have on brands, Mr. Omotosho noted that the move will bring the government and companies closer.
His words: “Before, it used to be federal government collecting consumption tax; but now, it is going to be the state government. So, it will bring the two entities together for a more cordial relationship.”
He explained that the bill revolves more around consumption goods, therefore products such as champagne, cigarettes and hotel services now attract VAT henceforth.
RECOMMENDED ARTICLES
Comment
No comments found.