The Nigeria Governors’ Forum has endorsed President Bola Tinubu’s Tax Reform Bills.
This was disclosed in a statement rely on Thursday by the Chairman of the Forum, Governor AbdulRahman AbdulRazaq of Kwara State.
According to the statement, the Nigeria Governors’ Forum recommended that there should be no increase in the VAT rate and offered significant recommendations.
The statement read, “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.”