The House of Representatives Committee on Finance has revised key provisions of President Tinubu’s tax bill following stakeholder input from a February public hearing.
Amendments address contentious issues such as Value Added Tax, VAT, inheritance tax, free trade zone taxation, and the funding of agencies including TETFUND, NITDA, and NASENI.
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Committee chairman James Faleke said while stakeholders proposed reducing VAT to 5%, the committee recommended retaining the current 7.5% rate, a position adopted by the House.
Lawmakers removed clauses introducing an inheritance tax and halting funding for NASENI, TETFUND, and NITDA. On free trade zones, the committee proposed a 75%-25% export-to-local-market ratio for operators to qualify for tax benefits.
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