President Bola Tinubu has released the highlights of the controversial Tax Reform Bills, adding that the existing tax laws are obsolete and ambiguous. According to the presidency, the current tax system is “complex, growth-stifling and low revenue yielding.”
Tinubu’s special adviser on public communication and orientation, Sunday Dare, made the claim late at night on Thursday, November 7, in a tweet highlighting the new tax reform bill in an image.
One highlight is that the bill will facilitate remote work for Nigerians living in Nigeria through outsourcing in the global market. Second, the highlights suggest zero-rated VAT and other incentives on goods and services meant for export outside the country.
Nineteen northern governors and monarchs rejected the Tax Reform Bill, citing its potential harm to the North’s interests, particularly the proposed Value Added Tax (VAT) distribution amendment. They argued that VAT should be remitted based on consumption location, not company headquarters.
The National Economic Council (NEC), chaired by Vice President Kashim Shettima, subsequently called for the withdrawal of the Tax Reform Bill from the National Assembly to ensure broader stakeholder engagement....Read Full Article [Click Here>]
This move follows concerns raised by various groups regarding the bills proposed by President Bola Tinubu’s tax reform committee, led by Taiwo Oyedele. The NEC, comprising governors, made this recommendation to foster a more inclusive process.
Dare tweet reads in part:
“Enacting new harmonised and simplified ones for sustainable economic growth and to deliver shared prosperity for Nigerians becomes necessary.”
See the tweet here:
https://twitter.com/SundayDareSD/status/1854652743417536990
