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Nigeria Reshapes VAT System to Boost Equity and Growth
Nigeria’s Senate has approved sweeping tax reforms, and one of the most notable elements is the restructuring of the Value Added Tax (VAT) system. While the VAT rate remains unchanged at 7.5%, despite proposals to increase it, major changes have been introduced to how VAT revenue will be shared and administered: 🔸 New VAT Revenue…
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Modernising Taxation: Nigeria’s Path to Economic Independence
The belief that Nigeria must work has long fueled our collective hope. So when news broke that the Senate had passed all four tax reform bills, it felt like one of those rare moments that made you pause and wonder, “Is this really happening?” For years, the tax system has been a point of national…
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Senate Approves Final Two Tax Reform Bills, Advancing Comprehensive Fiscal Overhaul
The Senate has passed the remaining two tax reform bills, completing legislative approval for all four key components of Nigeria’s sweeping tax policy overhaul. These bills now proceed to the harmonisation phase, where a joint conference committee of the Senate and House of Representatives will reconcile any differences before forwarding the final versions to President…
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Nigeria’s Fiscal Landscape Transformed as Senate Approves New VAT Distribution Formula
In a significant fiscal shift set to enhance state revenues and reshape Nigeria’s tax framework, the Senate has passed two of four critical tax reform bills. These include a new Value Added Tax (VAT) revenue-sharing formula, though the VAT rate remains unchanged at 7.5%. Under the revised formula, the Federal Government’s share of VAT will…
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Passage of Tax Reform Bills
Senator Bamidele announced that the primary agenda for lawmakers upon resumption of plenary would be the passage of the Tax Reform Bills. Once passed, the legislation will be forwarded to the presidency for assent, after which it will become law. “Our top priority is the continued deliberation and passage of the 2024 Tax Reform Bills,”…
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New Tax Reform Bills Will Benefit Nigerian Workers and SMEs – Taiwo Oyedele
In a statement released on Workers’ Day, the Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Mr. Taiwo Oyedele, emphasized that the proposed tax reform bills are designed to support Nigerian workers and small businesses. Sharing his message via his official X account, Oyedele called for collective support of the reforms, noting they…
