The House of Representatives has retained Value Added Tax at 7.5% and rejected a staggered increase to 15% by 2030.
It also rejected proposed reintroduction of inheritance tax under the guise of taxation of family income.
After a week-long retreat, the ad-hoc Committee on Tax Reform Bills presented its reports on Tuesday.
Chairman of the Committee, James Faleke, moved for the consideration of the reports and gave a synopsis of the recommendations.
The Speaker commended the effort of the committee, acknowledging that there was no dissenting voice among the members.
At the committee of the whole, the House carried out a clause by clause consideration of the recommendations on the four bills.
In the Nigeria Tax Administration Bill, the House adopted the recommendation of the committee on distribution of Revenue.
For VAT purposes for states, it approved that 50% be distributed equally, 20% to be shared based on population, and 30% based on consumption.
Emphasis was on the actual place of consumption irrespective of where the returns are filed.
The House also agreed to retain the current 7.5% VAT as it rejected proposed staggered increase to 15% by 2030
Some of the lawmakers spoke on the committee’s effort.
The House gave approval to the appointment of one representative each from the 36 states on the Board of the Nigeria Revenue Service Establishment Bill.
As Nigerians await passage of the bills and assent by President Bola Tinubu, hopes are that the benefits as canvassed would impact on their lives and the nation’s economy.
