By Itodo Daniel Sule & Balarabe Alkassim The House of Representatives on Thursday adopted four tax reform bills, maintaining the current Value Added Tax (VAT) rate at 7.5% while making significant amendments to Nigeria’s tax structure. The adoption followed a clause-by-clause consideration at the Committee of the Whole, chaired by Speaker Abbas Tajudeen.
The four bills adopted by the House aim to streamline tax administration and improve revenue generation. They include: A bill to regulate revenue assessment, collection, and accountability across federal, state, and local governments. Bandits abduct 10, injure 2 in Kaduna midnight attacks FG opposes N/Assembly’s proposals for 200 new varsities A bill to replace the Federal Inland Revenue Service (FIRS) with the Nigeria Revenue Service (NRS).
A bill establishing the Joint Revenue Board, the Tax Appeal Tribunal and the Office of the Tax Ombud to resolve tax disputes. A bill consolidating various tax laws into the Nigeria Tax Act, covering taxation of income, transactions, and financial instruments. The bills are now set for a third reading at the next legislative sitting.
Daily Trust reports that most of the contentious clauses that raised tension were addressed by the committee that handled the reports, thus, making the consideration and adoption of the reports almost seamless. VAT distribution formula and 7.5% rates Key among the clauses considered and adopted include VAT distribution formula based on 50% equality; 20% po.
