Governors back Tax Reform Bills, propose new VAT -sharing formula

The Nigeria Governor’s Forum (NGF), has reiterates its strong support for the comprehensive reform of Nigeria’s outdated tax laws and and approved a revised Valued Added Tax distribution formula, with 50% allocated based on equality.

In a communique issued by its Chairman, Kwara State Governor, AbulRahman AbdulRazak, the NGF expressed its support for modernizing the country’s tax system.

The statement, shared with journalists in Abuja after the sub national consultation and engagement with the Presidential Tax Reform Committee on Thursday, highlighted the importance of updating the tax framework to improve fiscal stability and align with global best practices.

Following approval from the Federal Executive Council, President Bola Ahmed Tinubu forwarded four tax reform bills to the National Assembly for consideration in October 2024.

The Federal Government explained that the bill aim to revamp the nation’s tax system.

-9News Nigeria.