Presidency Releases Highlights of Tax Reform Bills, Full List Emerges

• President Bola Tinubu’s administration has released 13 highlights of the Tax Reform Bills that were earlier sent to the national assembly
• According to the presidency, the existing tax system is complex and stifling growth, bringing low revenue results
• According to Sunday Dare, the special adviser to the president on public communication and orientation will help to promote sustainable economic growth

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.

Presidency released fresh update on the tax reform bills
Photo Credit: @officialABATSource: Twitter

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.

Northern governors reject tax reform bills

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.

Subsequently, the National Economic Council (NEC) decided to withdraw the Tax Reform Bill from the National Assembly. This decision ensured that all stakeholders were involved in the process.

The NEC, headed by Vice President Kashim Shettima and comprising governors, made this recommendation after considering the concerns raised by various groups. The bills were proposed by President Bola Tinubu’s tax reform committee, headed by Taiwo Oyedele.

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:

Source: TheTalk.NG

JUST IN: Details Emerge as Nigeria Enters 3 Crucial Agreements With India, Videos Surface

Nigeria and India signed three key MoUs focusing on customs cooperation, cultural exchange, and survey collaboration Ambassador Ahmed Umar and Mr. Dammu Ravi emphasized the importance of implementing the agreements to foster mutual respect Highlighting the contributions of over 60,000 Indians in Nigeria, both countries pledged to deepen collaboration In a significant step, Nigeria and ... Read more Continue reading here ▶

Truck Driver Runs Over Revenue Collector in Lagos, Flees Scene

A truck driver allegedly killed a revenue collector on the Lagos-Ibadan expressway and fled the scene LASTMA swiftly managed the aftermath, removing the truck and handing it over to the police for investigation Authorities have launched a manhunt for the driver as the victim’s family mourns the tragic loss The Lagos State Police Command has ... Read more Continue reading here ▶

Outrage Erupts as Chinese National Tears Naira Notes Amidst Regulatory Dispute

EFCC is investigating a Chinese national who tore Naira notes during a confrontation with Lagos State officials The incident, captured in a viral video, occurred when officials attempted to seal a Chinese-owned company over regulatory violations Nigerians have called for the individual’s arrest and criticized the apparent protection he received from local workers during the ... Read more Continue reading here ▶

31 Years Since General Sani Abacha’s Coup: Last Successful Military Takeover in Nigeria Explained

31 years ago, General Sani Abacha’s coup, which overthrew Chief Ernest Shonekan’s National Interim Government, making him Nigeria’s head of state The 1993 coup followed the annulled June 12 presidential election won by Moshood Abiola, leading to national unrest and political instability General Sani Abacha’s takeover remains Nigeria’s last successful military coup, forever altering the ... Read more Continue reading here ▶

Miss Universe: Mbah Celebrates Beloved Daughter Chidimma’s Historic Win, “We Couldn’t Be Prouder”

TheTalk.NG journalist Esther Odili has over two years of experience covering political parties and movements. Governor Peter Mbah of Enugu state has congratulated Chidimma Adetshina on her emergence as the first runner-up at the Miss Universe 2024 Pageant held in Mexico. Enugu Governor Mbah reacts to Chidimma’s Miss Universe historic win. Photo credit: @PNMbah, BBCSource: ... Read more Continue reading here ▶