The Federal Government of Nigeria said its recent tax reform bill, which was recently transmitted to the National Assembly, will bring about a fairer tax system in the country. The chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, disclosed this in a statement through his official X account on Tuesday.
This comes after northern governors on Monday, in a communiqué signed by the chairman of the Northern Governors ’ Forum, Muhammadu Inuwa, the governor of Gombe State, rejected President Bola Ahmed Tinubu's tax reform bill. The governors had rejected the bill on the ground that its proposed amendment to the distribution of value-added tax, VAT, to a derivative-based model.
'Our proposal aims to create a fairer system by devising a different form of derivation that takes into account the place of supply or consumption for relevant goods and services, whether they are zero-rated, exempt, or taxable at the standard rate. 'For example, a state that produces food shouldn’t lose out just because its products are VAT-exempt or consumed in other states. The state where the supply originates should be recognised for its contributions.
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