During my Presentation, I highlighted the significance of the New Tax Policy which include: Increased revenue generation, economic growth, tax payer protection, fair revenue distribution, improved tax administration, increased tax credits, VAT Adjustments, tax relief for low income earners, reduced tax burden, simplified tax system and most importantly, the harmonization of taxes as against the multiple taxation.
The Tax Reform Bills of 2024 recently passed by the National Assembly is consisting of 4 Bills which include :
- The Nigeria Tax Bill,
- Nigeria Revenue Service (Establishment) Bill,
- Nigeria Tax Administration Bill &
- Joint Revenue Board (Establishment) Bill.
During my submission, I allayed the fears of people on inheritance tax, which has been expunged. I also highlighted on areas which have been exempted from the tax which included; Foodstuffs, Education, Healthcare as well as Military Personnel.
Another important issue I highlighted was the VAT Revenue Sharing Formula which is to be horizontally distributed as follows:
- 50% based on equality
- 30% based on Consumption &
- 20% based on Population.
This Tax Reform enlightenment Engagement with Stakeholders is intended to continue across all the States in the Northwest on Nigeria so as to get people informed about the benefits of the New Tax Bills introduced by President Bola Ahmed Tinubu GCFR in line with the Renewed Hope Agenda.
@officialasiwajubat
Toptrust.ng
