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Nigeria: Tax Reform Bills - Reps Adopt 7.5% VAT, Reject Increase to 15%

Summary by allAfrica

Abuja -- The House of Representatives has retained Value Added Tax, VAT, at 7.5 per cent and rejected a staggered increase to 15 per cent by 2030 as proposed in the Tax Reform Bills being debated at the National Assembly.

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Times Live

Nigeria's lower house of parliament passes tax reform bills, with tweaks

Nigeria's lower house of parliament passed four tax reform bills proposed by President Bola Tinubu on Thursday, marking progress in the government's efforts to overhaul the country's tax system, but several proposed measures were watered down.

17 hours ago·Johannesburg, South Africa

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allAfrica

Nigeria: Tax Reform Bills - Reps Adopt 7.5% VAT, Reject Increase to 15%

19 hours ago·South Africa

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Pulse Nigeria

BREAKING: House of Reps adopt Tinubu's tax reform bills

The House of Representatives on Thursday adopted President Bola Tinubu’s four tax reform bills after a detailed clause-by-clause review. The approval, which took place at the Committee of the Whole presided over by Speaker Abbas Tajudeen, sets the stage for the bills' third reading. The legislative process saw key modifications, including the rejection of a proposal for an incremental VAT rate increase. Reps reject VAT increase Lawmakers instead…

1 day ago·Nigeria

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National Daily Newspaper

Reps approves tax reform bills, clears VAT sharing formula

The House of Representatives has approved the tax reform bills. The House further cleared VAT Sharing Formula in the new tax regime. The VAT sharing formula is as follows: 50% to be distributed equally 20% to be distributed based on population 30% to be distributed based on consumption. The current 7.5% VAT rate retained. The House amended the controversial inheritance tax clause, clarifying that any inheritance received before the dissolution c…

16 hours ago

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brandeconomy.com.ng

NAICOM hails Reps passage of Insurance Reform Bill

NAICOM hails Reps passage of Insurance Reform Bill -The new Act repealed the Insurance Act, Cap 117, Laws of the Federation of Nigeria, 2004; the Marine Insurance Act, Cap M3, Laws of the Federation of Nigeria, 2004.

19 hours ago

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ogtv.com.ng

Tax reform bills: Reps adopt 7.5% VAT, reject increase to 15%

The House of Representatives has retained Value Added Tax, VAT, at 7.5 per cent and rejected a staggered increase to 15 per cent by 2030 as proposed in the Tax Reform Bills being debated at the National Assembly. The House also rejected the proposed reintroduction of inheritance tax under the guise of taxation of family income. Meanwhile, the Nigerian Chamber of Commerce Industry Mines and Agriculture, NACCIMA, said it would await details of w…

21 hours ago

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