Home News Full Text of Nigerians Governors’ Forum Position on Tax Reform Bills

Full Text of Nigerians Governors’ Forum Position on Tax Reform Bills

by Nwabuko

COMMUNIQUE ISSUED AT THE END OF THE SUBNATIONAL CONSULTATIONS AND ENGAGEMENT WITH THE PRESIDENTIAL TAX REFORM COMMITTEE.

  1. The Forum reiterated its strong support for the comprehensive reform of Nigeria’s archaic tax laws. Members acknowledged the importance of modernizing the tax system to enhance fiscal stability and align with global best practices.
  2. The Forum endorsed a revised Value Added Tax (VAT)
    sharing formula to ensure equitable distribution of resources: o 50% based on equality,
    o 30% based on derivation, and
    o 20% based on population.
  3. 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.
  4. The meeting recommended that there should be no terminal clause for TETFUND, NASENI, and NITDA in the sharing of development levies in the bills.
  5. The meeting supports the continuation of the legislative process at the National Assembly that will culminate in. the eventual

You may also like

Leave a Comment

Online Media Published By

Precise Post Online Media Ltd (RC 7570339)

We are team of competent journalists, crafting compelling data-driven stories; shedding light on global news with precision and authority.

Precise Post @2024 – All Right Reserved. Designed and Developed by ObserverNG