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.
-
Business4 days agoOPay explains how Nigerians can access FG’s N50,000 monthly cash relief
-
Latest1 week agoFG Announces N50,000 cash support for vulnerable Nigerians under new relief programme
-
Latest1 week agoINEC recognises Pantami for Gombe, keeps Kano NDC candidate off final list
-
Latest1 week agoOne dead, one injured in three road emergencies across Lagos – LASEMA
-
Crime1 week agoCocaine in their bellies: NDLEA arrests two Nigerians bound for Paris [VIDEO]
-
Featured6 days agoAPC, Atiku clash over Tinubu’s power sector reforms ahead of 2027 elections
-
Latest1 week agoTinubu wins US Court ruling as Judge rejects Greenspan’s evidence request
-
Latest7 days ago
Atiku Slams Tinubu over power crisis, says Nigerians need electricity, not excuses