- Senate passed four tax reform bills proposed by President Bola Tinubu.
- Bills include Joint Revenue Board Bill, Nigeria Revenue Service Bill, Nigeria Tax Administration Bill, and Nigeria Tax Bill.
- Senate rejected proposal to increase VAT rate to 10 percent, retaining it at 7.5 percent.
- Senate rejected phasing out funding for TETFUND, NITDA, and NASENI.
- Introduced a 4 percent development levy to replace funding for these agencies.
- Agencies deemed essential for human capital and economic development.
- Funding retained for TETFUND, NASENI, NITDA, Cyber Security, and NELFUND with a specific sharing formula.
- VAT rate remains at 7.5 percent, with VAT input allowable on various items.
- Company Income Tax rate set at 30 percent.
- Bills passed three months after House of Representatives approval.
- Senate set up a special committee to address controversies before referring to Committee on Finance.
Source: guardian.ng
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.
