- The Nigeria Tax Bill 2024 is a significant development in Nigeria’s fiscal policy
- It aims to create a unified, transparent, and efficient tax system
- The bill is part of a package including three other reform bills to simplify tax laws and promote economic growth
- President Bola Tinubu sent the bills to the National Assembly on October 3, 2024
- The article provides a detailed analysis of the NTB’s components, objectives, and potential impact
- The NTB plans a phased increase in VAT rates from 7.5% to 15% by 2030
- Essential goods and services are exempt or zero-rated to protect low-income households
- The bill modifies the VAT revenue model to favor the place of consumption, ensuring fair distribution among states
Source: africataxreview.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
Latest Posts in "Nigeria"
- Federal Government Insists on New Tax Reform Despite IATA’s Criticism Over International Treaty Violations
- Stakeholders Criticize New Tax Reforms as Nigerian Government Insists Airlines Must Pay VAT
- Nigeria to Enforce VAT on Non-Resident Digital Services from 2026
- Nigeria Extends E-Invoicing Compliance Deadline for Large Taxpayers to November 2025
- FIRS Launches E-Invoicing Platform to Enhance Tax Compliance and Transparency in Nigeria
