THUR OCT 31 2024-theGBJournal| The National Economic Council (NEC) has withdrawn the controversial new tax reform bills from the National Assembly.
NEC yanked the bill to facilitate broader discussions amid stiff opposition from the Northern Governors’ Forum and other ley stakeholders.
The decision was taken at the 144th meeting of the NEC at the State House, Abuja.
Oyo State Governor, Seyi Makinde who announced the decision told journalists that the council members agreed that it was necessary to allow concensus building and understanding of the bills among Nigerians.
”We saw the gap and decided that there is a need for a wider consultation,” Makinde said.
The Northern Governors had on Monday expressed their opposition to the new derivation-based model for Value-Added Tax (VAT) distribution in the new tax reform bills before the National Assembly.
The tax reform bill was introduced following the endorsed by President Bola Tinubu, and after an extensive review of existing tax laws.
It is aimed at streamlining Nigeria’s tax administration processes, enhancing efficiency and eliminating redundancies across the nation’s tax operations-consolidate multiple taxes, integrate CIT, PIT, CGT, VAT, PPT, and excise duties into a unified structure to reduce administrative fragmentation.
The Bills were subsequently sent to the National Assembly for consideration.
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