Nigeria Governor’s Forum Endorses Tax Reform Bills, Recommends Vat Rate Increament..details

The Nigeria Governors’ Forum has endorsed the Tax Reform Bills, recommending that there should be no increase in the VAT rate and offering significant recommendations.

”The Forum endorsed a revised Value Added Tax (VAT) sharing formula to ensure equitable distribution of resources:

50% based on equality,

30% based on derivation, and

20% based on population.

”Members agreed that there should be no increase in the VAT rate or reduction in Corporate Income Tax (CIT) at this time, to maintain economic stability. The Forum advocated for the continued exemption of essential goods and agricultural produce from VAT to safeguard the welfare of citizens and promote agricultural productivity.

”The meeting recommended that there should be no terminal clause for TETFUND, NASENI, and NITDA in the sharing of development levies in the bills.

“The meeting supports the continuation of the legislative process at the National Assembly that will culminate in. the eventual passage of the Tax Reform Bills.”

– AbdulRahman AbdulRazaq Chairman, Nigeria Governors’ Forum