Relief For States: New Tax Reform Proposals Promise Financial Windfall

Relief For States: New Tax Reform Proposals Promise Financial Windfall

The Senate, in a landmark move, has advanced the Tax Reform Bills to the second reading stage. These bills propose a significant shift in revenue distribution, allocating 55% of Value-Added Tax (VAT) to states, reducing the Federal Government’s share to 10%, and maintaining the local governments’ share…….READ MORE 

Key provisions include the exemption of exports and essential commodities from VAT, a reduction in company income tax from 30% to 25%, and consolidated levies to fund a student loan scheme by 2030. Senate Leader Senator Opeyemi Bamidele highlighted these reforms as steps towards simplifying taxation, fostering business growth, and addressing economic inequalities.

Despite opposition from some senators over timing and constitutional implications, the bills garnered broad support. They have been referred to the Senate Committee on Finance for public hearings and further deliberations, with stakeholders including governors and experts set to contribute insights in the coming weeks.

For More Information And News Update, Join Ireporteronline WhatsApp Channel With Link Below: https://whatsapp.com/channel/0029VaV4jB6DuMRgwqnJCF32 For advertisement inquiries only, kindly send a message to 09010649814 on WhatsApp.