The Senate has passed two out of four major tax reform bills proposed by President Bola Tinubu. However, the upper chamber rejected a proposal to increase the value-added tax (VAT) to 10 percent, opting to retain the current rate at 7.5 percent. The bill allows VAT input claims on fixed assets, overhead costs and administrative…
The House of Representatives on Tuesday passed the four tax reform bills transmitted to the National Assembly in October 2024 by President Bola Tinubu. The bills are “A Bill for an Act to Provide for the Assessment, Collection of, and Accounting for Revenue Accruing to the Federation, Federal, States and Local Governments; Prescribe the Powers…
The House of Representatives on Thursday approved the tax reform bills forwarded by President Bola Tinubu to the National Assembly. The bills include the Nigerian Tax Bill, the Tax Administration Bill, the Revenue Tax Board Bill, and the Nigerian Revenue Service Establishment Bill. This followed clause by clause consideration of all relevant amendments on the…
The four tax reform bills transmitted to the National Assembly in 2024 by President Bola Tinubu have scaled second reading at the House of Representatives. The bills scaled second reading on the floor of the Green Chamber on Wednesday six months after the President transmitted them to the National Assembly for consideration following the recommendations…
The Nigeria Governors’ Forum (NGF) has finally thrown its weight behind the proposed tax reform bills currently at the national assembly. In a statement on Thursday, the group proposed an “equitable” sharing formula for value-added tax (VAT). The development was an outcome of a meeting between the NGF and the presidential tax reform committee, convened…
Strong indications emerged on Monday that the Senate is on the verge of holding a public hearing on the Tax Reform Bills, with the aim of presenting them for a third reading and eventual passage. This development was confirmed following a closed-door session of the Senate Ad-hoc committee and key government officials, including the Attorney…
The Kano State Government has strongly expressed opposition to the proposed tax reform bills before the National Assembly. Governor Abba Kabir Yusuf, who spoke through his Deputy, Aminu Abdussalam Gwarzo, declared the government’s position during the 2025 celebration held at the Filin Mahaha, Kofar Naisa open theatre, a statement issued by the deputy governor’s Chief…
The Nigeria Labour Congress, NLC, yesterday insisted on the withdrawal of the Tax Reform Bills forwarded by President Bola Tinubu to the National Assembly for passage to enable all key national stakeholders to be part of the process. Recall that the bills had drawn sharp criticisms from some parts of the country, especially the north,…
President Bola Tinubu unfurled a raft of directives with far-reaching implications in 2024. From the launch of the compressed natural gas (CNG) initiative to the re-adoption of the old national anthem; from the rejig of his cabinet to the controversial tax bills before the national assembly; 2024 was the year Tinubu attempted to steady a…
President Bola Tinubu has stated that his administration’s tax reforms have come to stay. The Nigerian leader stated this on Monday night while speaking during his first presidential media chat in Lagos State. The tax reform bills, which are before the National Assembly, have generated controversies and met push back especially from the Northern leaders,…