By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Times ReportersTimes Reporters
  • Home
  • News
  • Politics
  • Business
    • Economy
  • Sports
  • Entertainment
  • About Us
  • Bookmarks
Search
  • Home
  • About Us
  • Advertise
  • Join Us
  • Terms of Use
  • Privacy Policy
© 2024 Times Reporters | All Rights Reserved.
Reading: Tax Reform: Governors Endorse Revised Value Added Tax Sharing Formula
Share
Sign In
Notification Show More
Latest News
Etsu Nupe, an embodiment of Peace, unity in Nigeria – Idris
Awards and Recognitions Culture Metro News
Real Forte CEO Pioneers 10% Down Payment Model with Launch of Nova City Community
Business Infrastructure Metro News
Dr. Charles Iyangbe Appointed WorldFish Country Representative for Nigeria
Civil Society Organisations Metro News
NUPENG Denounces Allegations of Depot Dues Collection as Blackmail, Misinformation Campaign 
Labour News Oil & Gas
Corps Marshal Approves Deployment Of Senior Officers Nationwide For Effective Service Delivery
Civil Service Metro Motoring News Transportation Travel/Leisure
Aa
Times ReportersTimes Reporters
Aa
  • Home
  • News
  • Politics
  • Business
  • Sports
  • Entertainment
  • About Us
Search
  • Home
  • News
  • Politics
  • Business
  • Sports
  • Entertainment
  • About Us
Have an existing account? Sign In
Follow US
  • Home
  • About Us
  • Advertise
  • Join Us
  • Terms of Use
  • Privacy Policy
© 2024 Times Reporters | All Rights Reserved.
Times Reporters > Business > Economy > Tax Reform: Governors Endorse Revised Value Added Tax Sharing Formula
BusinessEconomyNewsPolitics

Tax Reform: Governors Endorse Revised Value Added Tax Sharing Formula

Publisher
By Publisher Published January 17, 2025
Share
3 Min Read
SHARE

By Chidi Ugwu

The 36 State governors, under the aegis of Nigerian Governors’ Forum (NGF) on Thursday endorsed a revised Value Added Tax (VAT) sharing formula reiterating that the new forumla ensures equitable distribution of resources.

The endorsement was part of resolutions AT the end of the subnational consultations and engagement with Presidential Tax Reform Committee, which held in Abuja.

In a communiqué issued by Abdul Rahman Abdul Razaq, the Chairman, Nigeria Governors’ Forum & Governor of Kwara State, after the meeting convened on the 16th of January 2025, the Forum stated that Governors unianimously endorsed the revised VAT sharing formula of 50% based on equality, 30% based on derivation, and 20% based on population.

According to the communiqué, members 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.

“We, members of the Nigeria Governors’ 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’s fiscal policies and tax system, and arrived at the following resolutions:

“The Forum reiterated its strong support for the comprehensive reform of Nigeria’s archaic tax laws. Members acknowledged the importance of modernizing the tax system to enhance fiscal stability and align with global best practices.

“The Forum endorsed a revised Value Added Tax (VAT) sharing formula to ensure equitable distribution of resources: 50% based on equality, 30% based on derivation, and 20% based on population.

” Members 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.

“The meeting recommended that there should be no terminal clause for TETFUND, NASENI, and NITDA in the sharing of development levies in the bills

“The meeting supports the continuation of the legislative process at the National Assembly that will culminate in. the eventual passage of the Tax Reform Bills” reads part of the communique.

Like this:

Like Loading...

Related

You Might Also Like

Etsu Nupe, an embodiment of Peace, unity in Nigeria – Idris

Real Forte CEO Pioneers 10% Down Payment Model with Launch of Nova City Community

Dr. Charles Iyangbe Appointed WorldFish Country Representative for Nigeria

NUPENG Denounces Allegations of Depot Dues Collection as Blackmail, Misinformation Campaign 

Corps Marshal Approves Deployment Of Senior Officers Nationwide For Effective Service Delivery

TAGGED: Governors, NGF, Tax reform

Sign Up For Daily Newsletter

Be keep up! Get the latest breaking news delivered straight to your inbox.

By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
Publisher January 17, 2025
Share this Article
Facebook Twitter Whatsapp Whatsapp LinkedIn Telegram Email Copy Link Print
Share
Previous Article Enugu Govt, Landmark Africa Group Seal Deal to Revamp, Reposition Nike Lake Resort
Next Article PDP Leadership Crisis: Maintain Status Quo, Appeal Court Orders Parties
Leave a comment Leave a comment

Leave a Reply Cancel reply

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

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Stay Connected

Facebook Like
Twitter Follow
Instagram Follow
Youtube Subscribe
Telegram Follow

– Member of –

- Advertisement -
Ad imageAd image

Latest News

Etsu Nupe, an embodiment of Peace, unity in Nigeria – Idris
Awards and Recognitions Culture Metro News September 17, 2025
Real Forte CEO Pioneers 10% Down Payment Model with Launch of Nova City Community
Business Infrastructure Metro News September 17, 2025
Dr. Charles Iyangbe Appointed WorldFish Country Representative for Nigeria
Civil Society Organisations Metro News September 16, 2025
NUPENG Denounces Allegations of Depot Dues Collection as Blackmail, Misinformation Campaign 
Labour News Oil & Gas September 16, 2025

You Might also Like

Awards and RecognitionsCultureMetroNews

Etsu Nupe, an embodiment of Peace, unity in Nigeria – Idris

September 17, 2025
BusinessInfrastructureMetroNews

Real Forte CEO Pioneers 10% Down Payment Model with Launch of Nova City Community

September 17, 2025
Civil Society OrganisationsMetroNews

Dr. Charles Iyangbe Appointed WorldFish Country Representative for Nigeria

September 16, 2025
LabourNewsOil & Gas

NUPENG Denounces Allegations of Depot Dues Collection as Blackmail, Misinformation Campaign 

September 16, 2025
Times ReportersTimes Reporters
Follow US

© 2024 Times Reporters | Deigned by AuspiceWeb Graphics. All Rights Reserved.

  • Home
  • About Us
  • Advertise
  • Join Us
  • Terms of Use
  • Privacy Policy
Join Us!

Subscribe to our newsletter and never miss our latest news!

Zero spam, Unsubscribe at any time.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?
%d