The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has clarified that the tax reform bills proposed by President Bola Tinubu aimed to lift the tax burden on 90 per cent of Nigerian workers.
He also explained that the bills aim to review the sharing formula of the Value Added Tax (VAT) to accommodate what each state will get for what is consumed within their territory.
Mr Oyedele made the clarifications Wednesday when he appeared before senators during the plenary to brief the lawmakers on the need to pass the bills.
Two months ago, President Tinubu sent four tax bills to the National Assembly for approval. They are the Nigeria Tax Bill 2024, the Tax Administration Bill, the Nigeria Revenue Service Establishment Bill, and the Joint Revenue Board Establishment Bill.
One of the bills seeks to change the sharing formula of the Value Added Tax by reducing the federal government’s share from 15 per cent to 10 per cent. However, the…