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

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