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  • Welcome
  • Special reports
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    Nepal lifts social media ban after deadly protest

    Nepal lifts social media ban after deadly protest

    Fight against insurgency: Middle-belt Forum hail FG, Israel security pact

    UN strongly condemn Borno attack that claimed 63 lives, including soldiers

    PANDEF back Tinubu’s state police proposal

    PANDEF back Tinubu’s state police proposal

    Canada’s economy sheds over 60,000 jobs in August

    Canada’s economy sheds over 60,000 jobs in August

    Embrace Igbo identity, Senator Nwoko urges Anioma people

    Embrace Igbo identity, Senator Nwoko urges Anioma people

    NCDMB outlines achievements,charges media, youth groups on social responsibility

    NCDMB outlines achievements,charges media, youth groups on social responsibility

  • Metro News
    Doctors in FCT commence warning strike, cite systemic failure, infrastructure decay, others

    Doctors in FCT commence warning strike, cite systemic failure, infrastructure decay, others

    Teachers, health workers strike,others:  Wike gets fresh ultimatum from FCT workers

    FCTA clears 1,000 shanties in Abuja district

    FCT set up committee to probe sales of FG houses, parks

    FCT set up committee to probe sales of FG houses, parks

    Imo government move to end open grazing in Owerri, issues two-week ultimatum to herders

    Imo government move to end open grazing in Owerri, issues two-week ultimatum to herders

    Lagos Assembly move to enact law to regulate house rents, agents, others

    Lagos Assembly move to enact law to regulate house rents, agents, others

    Teachers, health workers strike,others:  Wike gets fresh ultimatum from FCT workers

    Wike launch operation to flush street beggars, one- chance syndicate, others in FCT

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    Nasarawa assembly confirms Wandai as NASIEC chairman

    Nasarawa assembly confirms Wandai as NASIEC chairman

    NIMC warns against extortion, says NIN modification must follow approved guidelines

    NIMC warns against extortion, says NIN modification must follow approved guidelines

    Yobe crime rate down by 70%-Police

    Yobe crime rate down by 70%-Police

    Nepal lifts social media ban after deadly protest

    Nepal lifts social media ban after deadly protest

    Ex-petroleum minister advocates raising of NCI fund to $1bn

    Ex-petroleum minister advocates raising of NCI fund to $1bn

    OPEC+ to ramp up oil output in October

    OPEC+ to ramp up oil output in October

    Trending Tags

  • Infotech
    NIMC partners online publishers to boost digital security through NIN enrollment

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    Facebook set new monetization rules for creators who uses other people content

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    Senate approves restoration of Aniocha North II State Constituency, Delta

    Bill mandating social media platforms to have physical office, records of employees pass second reading at the Senate

    Nigeria investigated  213 privacy breaches in 2024-NDPC

    Nigeria investigated 213 privacy breaches in 2024-NDPC

    FG begins construction of emerging technologies Institute in Kano

    FG begins construction of emerging technologies Institute in Kano

    MTN denies orchestrating poor network to influence FG, labour talk, apologizes for network fluctuations

    MTN shuns Labour-FG committee on tariff review, hike data tariff by 200%

  • World conflict & diplomacy
    Hamas accepts new Gaza truce plan – Official

    Hamas accepts new Gaza truce plan – Official

    Ukraine conflict: Trump and Putin end Alaska summit without deal

    Ukraine conflict: Trump and Putin end Alaska summit without deal

    Rwanda-backed rebels kill hundreds in DRC despite U.S.-sanctioned ceasefire

    Rwanda-backed rebels kill hundreds in DRC despite U.S.-sanctioned ceasefire

    Sudan claims army destroys Emirati aircraft, killing Colombian mercenaries

    Sudan claims army destroys Emirati aircraft, killing Colombian mercenaries

    UK prime minister back US military strikes on Iran ‘s nuclear sites

    UK prime minister back US military strikes on Iran ‘s nuclear sites

    Israel bombs Iran’s heavy water reactor, says state television

    Israel bombs Iran’s heavy water reactor, says state television

  • Security
    Fight against insurgency: Middle-belt Forum hail FG, Israel security pact

    Fight against insurgency: Middle-belt Forum hail FG, Israel security pact

    Police, Omatekun, confirms the kidnap of seven farmers in Ondo

    Fear of attack grips Kwara NYSC over suspicious movements around camp

    Nwifuru demands arrest of killers of 13 Ebonyi indigenes in Anambra

    Nwifuru demands arrest of killers of 13 Ebonyi indigenes in Anambra

    State police only solution to Benue killings, others- Adams

    State police only solution to Benue killings, others- Adams

    Female suicide bomber kills 24, injure  scores in Borno community

    Female suicide bomber kills 24, injure scores in Borno community

    Obi calls for immediate end to violence against Benue communities

    Obi calls for immediate end to violence against Benue communities

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Home Finance & economy

FG tax reform bills pass second reading at Senate

Daily Intel Newspaper by Daily Intel Newspaper
November 28, 2024
Tinubu to swear in 7 new ministers Monday

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The controversia tax reform bills proposed by President Bola Tinubu have passed second reading at the Senate.

The bills which seek to review the sharing formula of the Value Added Tax (VAT) was aimed at accommodating what each state will get for what is consumed within their territory.

Bill also seeks to remove VAT from essential consumption, education, healthcare, transportation and accommodation to benefit low income earners.

The executive bills sponsored by Senate Leader, Opeyemi Bamidele were read for the second time and referred to the Senate Committee of Finance for further legislative action.

The Senate President, Godswill Akpabio, directed the committee members to report back to the Senate within six weeks for consideration.

Mr Akpabio urged the committee to invite the National Economic Council (NEC), Nigerian Governors’ Forum (NGF) and Civil Society Organisations during the public hearing on the bills.

The bills scaled second reading a day after the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, appeared before the Senate to explain their purpose.

Mr Oyedele had told the lawmakers that the bills aimed to lift the tax burden on 90 per cent of Nigerian workers.

Two months ago, President Tinubu transmitted the four tax bills to the National Assembly for approval. They are the Nigeria Tax Bill 2024, the Tax Administration Bill, the Nigeria Revenue Service Establishment Bill, and the Joint Revenue Board Establishment Bill.

One of the bills seeks to change the sharing formula of the VAT by reducing the federal government’s share from 15 per cent to 10 per cent.

However, the bill includes a caveat that the allocation among states will factor in the derivation principle.

The bills have been criticised by some Nigerians.

The Northern Governors Forum, during a meeting last month, stated that some aspects of the bills, particularly the VAT components, are against the interests of the north.

Consequently, the forum directed the lawmakers from the region in the National Assembly to reject the bills.

Also, the National Economic Council, which comprises the governors and chaired by the Vice President, Kashim Shettima, also urged the president to withdraw the bills from the National Assembly for further consultations but the president insisted that any differences should be resolved in parliament.

Details later…


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