The National Assembly has been urged to exclude the Value Added Tax rate from the proposed tax laws to allow easier amendments in the future.
The Nigerian tax bill, titled, ‘An Act to Repeal Certain Acts on Taxation and Consolidate the Legal Frameworks Relating to Taxation and Enact the Nigeria Tax Act to Provide for Taxation of Income, Transactions and Instruments, and for Related Matters,’ is one of four bills sent to the National Assembly by President Bola Tinubu on October 3, 2024.
The bill proposes a gradual increase in VAT from the current 7.5% to 10% in 2025, 12.5% between 2026 and 2029, and 15% from 2030 onwards.
On Tuesday, the House of Representatives passed the four tax bills for third reading, while the Senate is still deliberating on the proposals.
Speaking with Saturday PUNCH, the Chairman of the Forum for state Commissioners of Finance, Akin Oyebode,…
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