Tax Reform Bills: Presidency Finally Replies 19 Northern Governors
- President Bola Tinubu’s administration has dismissed the report that the proposed tax reform bills before the National Assembly were to short-changed the north
- Bayo Onanuga, the spokesperson to the president, said the bills were to establish a fairer system of VAT sharing formula
- The presidency further explained the four tax bills the executive council had presented before the national assembly
The presidency has clarified that the tax reform bill currently before the National Assembly does not target the 19 northern states, contrary to the governors’ rejection of it.
Presidential spokesman Bayo Onanuga explained that the proposed amendment to the distribution of Value Added Tax (VAT) is designed to create a fairer system that will benefit all states. The ongoing tax reform aims to correct the inequity in the current derivation model used for distributing VAT revenue.\
All to know about new tax reform bills
According to Onanuga, the new policy initiatives aim to streamline Nigeria’s tax administration processes, enhance efficiency, and eliminate redundancies across the nation’s tax operations.
These reforms are critical to improving the lives of Nigerians and were not intended to undermine any part of the country. President Bola Tinubu and the Federal Executive Council endorsed these initiatives after an extensive review of existing tax laws.
The National Assembly is currently considering four executive bills designed to transform and modernize Nigeria’s tax landscape. These bills include:
The Nigeria Tax Bill
This bill is designed to eliminate unintended multiple taxation, simplify tax obligations for businesses and individuals nationwide, and make Nigeria’s economy more competitive.
The Nigeria Tax Administration Bill (NTAB)
This is a proposal of new rules governing the administration of all taxes, harmonizing tax administrative processes across federal, state, and local jurisdictions.
The Nigeria Revenue Service (Establishment) Bill
This bill renames the Federal Inland Revenue Service (FIRS) to the Nigeria Revenue Service (NRS), reflecting its mandate as the revenue agency for the entire federation.
The Joint Revenue Board Establishment Bill
This creates a Joint Revenue Board to replace the Joint Tax Board, covering federal and all state tax authorities.
See the statement here:
Source: TheTalk.NG
