Connect with us

Business

Nigeria Governors’ Forum Endorses Revised VAT Sharing Formula

Published

on

Spread the love

Supports Tax Reform Bills

By Oluronke Kuku

Advertisement

The Nigeria Governors’ Forum (NGF) has issue a communique outlining its stance on key national issues, including tax reform and fiscal policies. 

The communique, signed by Chairman and Governor of Kwara State, His Excellency, AbdulRahman AbdulRazaq, highlighted the forum’s resolutions after a meeting with the Presidential Tax Reform Committee on January 16, 2025.

The key resolutions were classified into five areas as contained in the communique which firstly focused on the Revised VAT Sharing Formula. The Forum endorse a revised Value Added Tax (VAT) sharing formula, allocating 50% based on equality, 30% based on derivation, and 20% base on population.

Secondly, it was resolved that there will be No VAT Rate Increase. Members of the Committee agreed not to increase the VAT rate or reduce Corporate Income Tax (CIT) to maintain economic stability.

Advertisement

Thirdly, emphasis was made on the need to exempt the essential Goods. The Forum advocated for the continue exemption of essential goods and agricultural produce from VAT to safeguard citizens’ welfare and promote agricultural productivity.

Also, the fourth point raise the need to introduce development levies. The meeting recommended removing terminal clauses for TETFUND, NASENI, and NITDA in the sharing of development levies.

The last point reveals the need to support the Tax Reform Bills. The Forum equally supports the continuation of the legislative process for the Tax Reform Bills, aiming for their eventual passage.

Advertisement

The resolutions however demonstrated the NGF’s commitment to comprehensive tax reform, fiscal stability and equitable resource distribution. 

Advertisement


Spread the love
Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Breaking News

Education15 hours ago

Release People’s FM GM, Yemi Agbeleoba Or Face Journalist’s Wrath: NUJ Tells FUOYE VC

Spread the loveBy Joseph Sunday  The Nigeria Union Of Journalists, Ekiti State Council has called on the Vice Chancellor, Federal...

Celebrities1 day ago

Fayose Begs Ogun Governor, Dapo Abiodun Over Portable Zazzu’s Trial

Spread the love…. Watch Fayose’s Video Inside Story By Philip Tayo  Mr Isaac Fayose, the brother of the former Ekiti...

Culture1 day ago

EKSG Warns Communities To Stop Allegations Of Bribery, Bias

Spread the loveBy Oluronke Kuku The Ekiti State Government have issued a stern warning to communities embroiled in boundary disputes,...

Education2 days ago

NANS Passes Vote Of Confidence On FUOYE VC, Professor Abayomi Fasina

Spread the love  The National Association of Nigerian Students, NANS, has passed a vote of confidence on the Vice Chancellor...

Security2 days ago

EKSU Night Guard Arrested for Theft

Spread the loveBy Oluronke Kuku A 45 years old man, Samuel Afolabi, who was identified as the Ekiti State University...

Security2 days ago

Amotekun Arrests Siblings, Others for Stealing and Burglary in Ekiti

Spread the loveBy Oluronke Kuku The Ekiti State Amotekun Corps has achieved a significant milestone in its efforts to curb...

Business2 days ago

Ekiti Govt Orders Immediate Relocation Of Iworoko Central Market After Fatal Accidents

Spread the loveBy Oluronke Kuku The Ekiti State Government has ordered the immediate relocation of the Iworoko Central Market in...

Celebrities4 days ago

Ekiti Politician Felicitates Retired DIG Alabi At Retirement Thanksgiving

Spread the loveBy Oluronke Kuku A prominent politician and seasoned Engineer from Ekiti State, Mr Kayode Ojo has felicitated with...

Health4 days ago

Why People Fart After Eating Beans?

Spread the loveBy Oluronke Kuku Beans are a nutritious food, with essential and excellent nutrients like protein, fiber, and vitamins. ...

Reports6 days ago

Ekiti Judiciary Vacates Regrettable Court Order, Sets Up Inquiry Panel

Spread the loveBy Oluronke Kuku The Ekiti State Judiciary has formally vacated a controversial order made by the Ikole Ekiti...

Human Rights6 days ago

Isaac Fayose Berates Oyebanji, Assembly Members, Others For Non Sensitivity To Plights Of Suffering Ekiti Youths, Masses

Spread the love.… Accuses Governor Of Wasting State Resources On Fayemi’s 60th Birthday In Abuja …. Watch Videos Inside Story...

Business7 days ago

Nigerian Consumers Will Bear Brunt Of Tinubu’s Tax Reforms – Dele Kelvin Oye, NACCIMA President, OPSN Chair

Spread the loveBy Oluronke Kuku, Joseph Sunday  The National President of the Nigerian Association of Chambers of Commerce, Industry, Mines...

Security7 days ago

Police Shake-Up: Mass Retirement Looms as Top Officers Face Exit Over Alleged Forgery, Age Falsification

Spread the loveBy Oluronke Kuku The Police Service Commission has reversed its previous decision on the regularization of appointment dates...

Politics1 week ago

Nigeria’s Democracy Winning As Yiaga Africa Hails Removal of RECs Indicted

Spread the loveBy Oluronke Kuku The Yiaga Africa has welcomed President Bola Tinubu’s request for the removal of the indicted...

Culture1 week ago

Ekiti Government Goes Tough On Land Grabbing, Encourages Peaceful Resolution

Spread the loveBy Oluronke Kuku The Ekiti State Government has reiterated its commitment to tackling land grabbing and boundary encroachments...

Business1 week ago

Ekiti Government Unveils Plan To Boost Economy With Affordable Buildings

Spread the loveBy Oluronke Kuku, Elizabeth Bamidele The Ekiti State Governor, Mr Biodun Abayomi Oyebanji, has reassured the citizens of...

Celebrities2 weeks ago

TPumpy Founder Describes South African Land Exhibition Journey A Huge Success

Spread the loveBy Joseph Sunday The founder of TPumpy Concept, Mr Akintayo Adaralegbe has described his recent journey with his...

Education2 weeks ago

Attempt To Frustrate FUOYE’s Victim Of Sexual Harassment Exposed 

Spread the love… As 9-Man Investigation Panel Accused Of Conniving With Fasina Aides … Abruptly Changes Abuja Venue To Shut...

Reports2 weeks ago

Four To Die By Hanging For Armed Robbery In Ekiti

Spread the loveBy Oluronke Kuku The Ekiti State High Court in Ado Ekiti has sentenced four persons to death by...

Reports2 weeks ago

Justice Served As Ekiti Police Arrest Suspects For Theft, Assault

Spread the loveBy Oluronke Kuku The Ekiti State Police Command has made a breakthrough in its efforts to curb crime...

Trending