Two out of four major tax reform bills proposed by President Bola Ahmed Tinubu, were Wednesday passed by the Senate. However, the upper chamber rejected a proposal to increase the value-added tax (VAT) to 10 percent, opting to retain the current rate at 7.5 percent. The bill allows VAT input claims on fixed assets, overhead costs and administrative services. The two bills passed are the Nigeria Revenue Service Establishment bill, which repeals the Federal Inland Revenue Service, and the Joint Revenue Board Establishment bill, which seeks to harmonise tax collection.…
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