{"id":116011,"date":"2025-01-16T20:37:17","date_gmt":"2025-01-16T19:37:17","guid":{"rendered":"https:\/\/pointblanknews.com\/pbn\/?p=116011"},"modified":"2025-01-16T20:37:17","modified_gmt":"2025-01-16T19:37:17","slug":"govs-back-tax-reform-bill-propose-equitable-vat-sharing-formula","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/news\/govs-back-tax-reform-bill-propose-equitable-vat-sharing-formula\/","title":{"rendered":"Govs back tax reform bill, propose equitable VAT sharing formula"},"content":{"rendered":"
\n
The Nigeria Governors\u2019 Forum (NGF) has expressed support for the proposed tax reform bills currently being deliberated at the National Assembly.<\/div>\n
\n
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\nThe forum has also called for an \u201cequitable\u201d sharing formula for Value-Added Tax (VAT) to ensure fair distribution of resources among states.<\/p>\n

In a statement issued on Thursday, the NGF revealed that the decision was reached after a meeting with the Presidential Tax Reform Committee on January 16, 2025.<\/p>\n

The meeting addressed critical national issues, including the ongoing efforts to reform Nigeria\u2019s fiscal policies and tax system.<\/p>\n

The NGF acknowledged the need for an overhauled tax system to enhance revenue generation and promote economic stability.<\/p>\n

<\/div>\n
Pointblanknews.com reports that the forum emphasized the importance of a fair VAT sharing formula that takes into account the economic realities and developmental needs of all states.<\/p>\n

The statement reads, \u201cWe, members of the Nigeria Governors\u2019 Forum (NGF) and presidential tax reform committee, convened on the 16th of January 2025 to deliberate on critical national issues, including the reform of Nigeria\u2019s fiscal policies and tax system, and arrived at the following resolutions:<\/p>\n

\u201cThe Forum reiterated its strong support for the comprehensive reform of Nigeria\u2019s archaic tax laws. Members acknowledged the importance of modernizing the tax system to enhance fiscal stability and align with global best practices.<\/p>\n

\u201cThe Forum endorsed a revised Value Added Tax (VAT) sharing formula to ensure equitable distribution of resources:<\/p>\n

o 50% based on equality,
\no 30% based on derivation, and
\no 20% based on population.<\/p>\n

\u201cMembers agreed that there should be no increase in the VAT rate or reduction in Corporate Income Tax (CIT) at this time, to maintain economic stability. The Forum advocated for the continued exemption of essential goods and agricultural produce from VAT to safeguard the welfare of citizens and promote agricultural productivity.<\/p>\n

\u201cThe meeting recommended that there should be no terminal clause for TETFUND, NASENI, and NITDA in the sharing of development levies in the bills.<\/p>\n

\u201cThe meeting supports the continuation of the legislative process at the National Assembly that will culminate in. the eventual passage of the Tax Reform Bills.\u201d<\/p><\/div>\n<\/div>\n<\/div>\n<\/div>\n

<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

The Nigeria Governors\u2019 Forum (NGF) has expressed support for the proposed tax reform bills currently being deliberated at the National Assembly. The forum has also called for an \u201cequitable\u201d sharing…<\/p>\n","protected":false},"author":1,"featured_media":10087,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[5],"tags":[],"class_list":["post-116011","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"\nGovs back tax reform bill, propose equitable VAT sharing formula - Pointblank News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/pointblanknews.com\/pbn\/news\/govs-back-tax-reform-bill-propose-equitable-vat-sharing-formula\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Govs back tax reform bill, propose equitable VAT sharing formula - Pointblank News\" \/>\n<meta property=\"og:description\" content=\"The Nigeria Governors\u2019 Forum (NGF) has expressed support for the proposed tax reform bills currently being deliberated at the National Assembly. 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