Index to Nigerian Newspapers

The House of Representatives has rejected a proposed staggered increase of the Value Added Tax to 15 percent by 2030, choosing instead to maintain the current rate at 7.5 percent while also dismissing the reintroduction of an inheritance tax within the ongoing comprehensive tax reform bills. Presented by the Chairman of the House Committee on Finance, the extensive legislative review introduces major amendments across four distinct bills, including redefining the operational scope of the revenue service, granting independent funding to the tax appeal tribunal, adjusting corporate and individual transaction reporting thresholds, and modifying tax rates for petroleum operations to thirty percent. While business chambers and civil society organizations have expressed cautious optimism or urged continued vigilance regarding the broader implications of the tax overhaul on the working population, the lower chamber is set to deliberate further on the committee's comprehensive report.