By Ifeoluwa Odunayo
The House of Representatives, on Thursday, advanced four crucial tax reform bills after a detailed clause-by-clause review at the Committee of the Whole, chaired by Speaker Abbas Tajudeen.
Lawmakers resolved contentious issues, including the VAT distribution formula—retaining 50% for equality, 20% for population, and 30% for consumption.
They also rejected a proposed VAT increase, keeping the rate at 7.5%.
Additionally, the House modified inheritance tax provisions, exempting pre-dissolution assets, and secured continued funding for TETFUND, NASENI, and NITDA.
The bills now proceed to a third reading for final passage.
