Senate passes two tax reform bills to modernize Nigeria’s fiscal framework, retains VAT at 7.5%
- The Nigerian Senate approved two major tax reform bills, including the Nigeria Revenue Service Establishment Bill and the Joint Revenue Board Establishment Bill, aiming to modernize the country’s fiscal system.
- The Senate rejected the proposed increase in VAT from 7.5% to 10%, keeping it at 7.5%, and introduced a 4% development levy to fund key government agencies like TETFUND and NITDA.
- Senate leaders emphasized the importance of these reforms for improving governance, tax administration, and sustaining funding for critical sectors such as education and cybersecurity.
- The remaining two tax reform bills are scheduled for consideration, with full legislative approval pending to enhance Nigeria’s revenue collection mechanisms.
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