Reps Reject Inheritance Tax, Exempt Military Salaries, Maintain 7.5% VAT
On Thursday, Nigeria’s House of Representatives approved significant amendments to four tax reform bills submitted by President Bola Tinubu in October. The bills—the Nigeria Tax Bill, Nigeria Tax Administration Bill, Nigeria Revenue Service Establishment Bill, and Joint Revenue Board Establishment Bill—aim to modernize tax collection, distribution, and governance across federal, state, and local levels. During the plenary session presided over by Speaker Abbas Tajudeen, lawmakers addressed critical issues such as inheritance tax, Value Added Tax (VAT) rates, revenue distribution, and the continued funding of agencies like TETFUND, NASENI, and NITDA from development levies. The amendments followed a clause-by-clause review led by James Abiodun Faleke, Chairman of the Committee on Finance. Key Amendments and Provisions The bills, now passed by the lower chamber, will proceed to the Senate for further approval before being sent to President Tinubu for final assent. For professional advice on Accountancy, Transfer Pricing, Tax, Assurance, Outsourcing, online accounting support, Company Registration, and CAC matters, please contact Sunmola David & CO (Chartered Accountants & Tax Practitioners) at Lagos, Ogun state Nigeria offices, www.sunmoladavid.com. You can also reach us via WhatsApp at +2348038460036.
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