Presidential spokesman Bayo Onanuga explained that the proposed amendment to the distribution of Value Added Tax (VAT) is designed to create a fairer system that will benefit all states. The ongoing tax reform aims to correct the inequity in the current derivation model used for distributing VAT revenue.
According to Onanuga, the new policy initiatives aim to streamline Nigeria’s tax administration processes, enhance efficiency, and eliminate redundancies across the nation’s tax operations.
These reforms are critical to improving the lives of Nigerians and were not intended to undermine any part of the country. President Bola Tinubu and the Federal Executive Council endorsed these initiatives after an extensive review of existing tax laws.
The National Assembly is currently considering four executive bills designed to transform and modernize Nigeria’s tax landscape. These bills include:
This bill is designed to eliminate unintended multiple taxation, simplify tax obligations for businesses and individuals nationwide, and make Nigeria’s economy more competitive.
This is a proposal of new rules governing the administration of all taxes, harmonizing tax administrative processes across federal, state, and local jurisdictions.
This bill renames the Federal Inland Revenue Service (FIRS) to the Nigeria Revenue Service (NRS), reflecting its mandate as the revenue agency for the entire federation.
The Joint Revenue Board Establishment Bill
This creates a Joint Revenue Board to replace the Joint Tax Board, covering federal and all state tax authorities.
See the statement here:
TimesNow.com.ng earlier reported that Abdullahi Sule, the governor of Nasarawa state, has said the 19 northern governors were not against President Bola Tinubu.
Sule maintained that it would not make sense for the north, which worked effortlessly to ensure that President Tinubu emerged victorious, to now turn against him.
However, the Nasarawa state governor maintained that the governors were rejecting the VAT bill because it wouldn’t be fair to the region.
Source: TimesNow.com.ng
