Politics
Reps approves tax reform bills, clears VAT sharing formula
The House of Representatives has approved the tax reform bills. The House further cleared VAT Sharing Formula in the new tax regime.
The VAT sharing formula is as follows:
50% to be distributed equally
20% to be distributed based on population
30% to be distributed based on consumption.
The current 7.5% VAT rate retained.
The House amended the controversial inheritance tax clause, clarifying that any inheritance received before the dissolution cannot be subject to taxation.
The House also approved the provision for continued funding of TETFUND, NASENI, and NITDA through the development levies fund.
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