It is inappropriate to compel loss-making firms to pay tax – LCCI

The Lagos Chamber of Commerce and Industry has expressed concern over the 2019 Finance Bill signed into law today by the President, Major General Muhammadu Buhari, stressing that the increase of Value Added Tax would adversely affect businesses.

Yusuf, who commended the president for signing the bill into law, said it would improve the government’s revenue at all levels and enhance their fiscal positions. With Buhari’s assent of the Finance Bill into Law, VAT in the country jumps from five percent to 7.5 percent.

All these anti growth policies will discourage from local and indigenous investments. Everyone will looking for means to hedge their cash.

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LCCI lauds Buhari over assent to Finance Bill, insists VAT increment will impact businesses negatively – Daily TrustThe Lagos Chamber of Commerce and Industry (LCCI) has commended the federal government on some of the expected positive impacts of the finance bill signed into law by President Muhammadu Buhari on Monday.
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