Senate Passes Two Tax Reform Bills, Rejects VAT Increase
Senate has passed two of President Bola Tinubu’s four tax reform bills, namely Nigeria Revenue Service Establishment Bill and the Joint Revenue Board Establishment Bill. Senate President, Godswill Akpabio, who announced the passage of the bills, said they would enhance governance, revolutionize tax collection and distribution across the country. He further assured that the remaining […]
South Africa Halts Planned VAT Hike After Pushback
South Africa’s Finance Minister Enoch Godongwana has dropped plans to increase value-added tax (VAT), in a major climb-down to prevent the collapse of the coalition government. Godongwana’s decision came after the second-biggest party, the Democratic Alliance (DA), threatened to quit the government, warning a VAT hike would hurt the poor the most. Godongwana, a member […]
EU declares Nigeria’s VAT rate of 7.5 per cent as low and inefficient
Massimo De Luca, Head of Cooperation and Delegation of the EU to Nigeria and ECOWAS, gave the verdict at the 4th Session of the Steering Committee of the Support Programme for Fiscal Transition in West Africa (PAFT) in Abuja, yesterday. According to the EU official, VAT administration in the country also lacks transparency, as Businesses […]