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 Green Chamber also rejected the proposal that reintroduced inheritance tax under the guise of taxation of family income.
However, the Nigerian Chamber of Commerce, Industry, Mines and Agriculture, NACCIMA, has said it would await details of what was approved before making any comment.
While reacting to development, the Movement for Socialist Alternative, MSA, a member of the Joint Action Front, JAF, the umbrella body of pro-people civil society organisations, CSO, urged Nigerians not to give up yet on tax reform.
The chairman House Committee on Finance, Mr. James Faleke while submitting the report during plenary in Abuja on Thursday said that the report “represents an extensive review of the Bills carried out by the committee, with careful consideration of public input.”
The bills include four distinct pieces of legislation aimed at overhauling Nigeria’s tax framework — the Nigeria Tax Bill, the Nigeria Tax Administration Bill, the Nigeria Revenue Service (Establishment) Bill, and the Joint Revenue Board (Establishment) Bill
The key changes made to the three major bills include: The Nigeria Revenue Service Bill, the Joint Revenue Board (Establishment) Bill, and the Nigeria Tax Administration Bill includes.
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