The Situation Room, a coalition of 1,000 civil society groups, has announced a town hall meeting on December 1, 2024, to discuss the proposed Nigeria Tax Bill 2024.
The Nigeria Tax Bill 2024, otherwise known as 'An Act to Repeal Certain Acts on Taxation and Consolidate the Legal Frameworks Relating to Taxation and Enact the Nigeria Tax Act to Provide for Taxation of Income, Transactions and Instruments, and for Related Matters', is aimed at reshaping Nigeria’s fiscal framework.
'Key provisions of the bill include an increase in Value Added Tax from 7.5% to 10% by 2025, with further increases to 12.5% from 2026 to 2029, and 15% from 2030 onwards. 'The bill also proposes a 27.5% company income tax for companies with aggregate turnover exceeding N20 billion, a 4% development levy on assessable profits of companies, and a 5% excise tax on lottery and gaming income, as well as telecommunications services.
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