The two bills approved are the Nigeria Revenue Service (Establishment) Bill and the Joint Revenue Board (Establishment) Bill.
This development follows the Senate’s consideration of the report submitted by an ad hoc committee chaired by Senator Sani Musa, representing Niger East.
Each clause of the bills was thoroughly debated and reviewed at the Committee of the Whole.
Following majority support expressed through a voice vote, the Senate President, Godswill Akpabio, formally announced the passage of the bills.
“These bills will add immense value to governance and transform how taxes are collected and distributed in Nigeria,” Akpabio stated.
He further remarked that the remaining two bills would be concluded on Thursday, even if this necessitated extended sitting hours.
“We are committed to concluding the outstanding bills tomorrow, even if we have to remain here until 10 pm,” Akpabio said.
Additionally, the upper chamber rejected a proposal to increase the Value Added Tax to 10 per cent, opting instead to maintain the current rate of 7.5 per cent.
The two remaining bills scheduled for consideration and passage on Thursday are the Nigeria Tax Administration Bill and the Nigeria Tax Bill.
From dailypost
10% ke? No naa. It's good they rejected the tax increment. Haba! Taxes upon taxes. It's getting too much.
ReplyDeleteThat it is 10% is not the issue. What many companies need is that they are able to net off VAT on all expenses against VAT paid on revenue. This would result in lower VAT payments to the government and there shouldn't be any need for business to increase prices on goods because the VAT on their cost would be claimed.
DeleteBut this is Nigeria, many companies will see this as opportunity to increase prices outrageously!! These bills are to manage tax exposures of many companies and reduce it especially multiple taxes many companies suffer presently!!!
Biko mk una pity us na beacause is masses that suffer all these
ReplyDeleteNa only increase increase this regime dey.
ReplyDeleteWickedness of the highest order. Tuehh!!🤮👿