HAUSA NEWS
YORUBA NEWS
IGBO NEWS

POPULAR THIS WEEK

No Content Available
FOLLOW US ON GOOGLE NEWS
SEND US NEWS
Thursday, May 22, 2025
  • REPORT A STORY
  • PRIVACY
  • CONTACT US
WITHIN NIGERIA - NEWS PICKS
  • HOME
  • FEATURES
  • NEWS PICKS
    • BREAKING
    • National
    • Local News
    • Politics
    • Diaspora
    • Business
    • Education
    • Sports
    • World News
      • Africa
      • U.S
      • Asia
      • Europe
    • XTRA
  • ENTERTAINMENT
  • MORE
    • GIST
    • ARTICLES
    • VIDEOS
No Result
View All Result
WITHIN NIGERIA - NEWS PICKS
No Result
View All Result
  • HOME
  • FEATURES
  • NEWS PICKS
  • ENTERTAINMENT
  • MORE
[adinserter block="17"]

Oyedele: VAT Reform Can Stay Unchanged Amidst Controversies

Tracing VAT’s history, Oyedele noted it was introduced in 1993 to replace state-level sales tax but was omitted from the 1999 Constitution

Promise Eze by Promise Eze
January 6, 2025
in Local News
Reading Time: 1 min read
A A
0
Taiwo Oyedele
  • Oyedele cautioned against withdrawing the tax reform bills from the National Assembly, warning that reintroducing them later could face significant challenges

The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has stated that the existing Value Added Tax (VAT) structure could remain unchanged if necessary, despite the controversies surrounding proposed reforms.

Speaking on Arise TV on Sunday, Oyedele discussed President Bola Tinubu’s tax reforms, which include four bills introduced in October 2024: the Nigeria Tax Bill 2024, Tax Administration Bill, Nigeria Revenue Service Establishment Bill, and Joint Revenue Board Establishment Bill.

These bills aim to streamline Nigeria’s tax laws, improve administration, and boost revenue generation.

However, the reforms, particularly changes to VAT, have faced resistance, with critics arguing they may favour specific regions over others.

READ ALSO

VeryDarkMan traumatized after being beaten, blindfolded, arrested at gunpoint – Deji Adeyanju

Ibadan Stampede: Court strikes out murder charges against ex-Ooni’s wife, Oriyomi Hamzat

Police deploy taskforce to enforce motorcycle ban in restricted areas in Adamawa

Troops eliminates 31 bandits, destroys camps in Katsina

Oyedele defended the proposals, stating that they are designed to benefit all regions and address inequities in the current system.

“If the preference is for the current VAT formula, we’re willing to keep it 100 per cent,” Oyedele said, adding that tax reform is non-negotiable to modernise Nigeria’s outdated system and drive development.

Tracing VAT’s history, Oyedele noted it was introduced in 1993 to replace state-level sales tax but was omitted from the 1999 Constitution, leading to disputes over its collection. He argued that allowing states to collect VAT would create chaos for businesses, as states might not respect input-output mechanisms.

He explained that under the current system, VAT is often remitted from companies’ head offices, mainly in Lagos and Rivers States, leading to inequitable distribution of revenue. The proposed reforms aim to address this imbalance without disrupting the system.

Oyedele cautioned against withdrawing the tax reform bills from the National Assembly, warning that reintroducing them later could face significant challenges.

Discussion about this post

ADVERTISEMENT

LATEST

Scandal in Senate: Ezekwesili and getting caught in the web of sexual harassment imbroglio

May 9, 2025
A customer hands over bundles of 1000 Naira banknotes to a trader inside a market in Lagos, Nigeria, on Friday, April 22, 2022. Choked supply chains, partly due to Russias invasion of Ukraine, and an almost 100% increase in gasoline prices this year, are placing upward price pressures on Africas largest economy. Photographer: Damilola Onafuwa/Bloomberg via Getty Images

Naira abuse: EFCC and selective enforcement of a law

May 9, 2025

2025 UTME Result: Our criminal neglect of education and aversion to excellence.

May 9, 2025

VeryDarkMan traumatized after being beaten, blindfolded, arrested at gunpoint – Deji Adeyanju

May 3, 2025

Ibadan Stampede: Court strikes out murder charges against ex-Ooni’s wife, Oriyomi Hamzat

March 20, 2025
House of Representatives

BREAKING: Despite public outrage, senate, reps ratify Tinubu’s State of Emergency in Rivers

March 20, 2025
Load More
NEWS PICKS — WITHIN NIGERIA

WITHIN NIGERIA MEDIA LTD.

NEWS, MULTI MEDIA

WITHIN NIGERIA is an online news media that focuses on authoritative reports, investigations and major headlines that springs from National issues, Politics, Metro, Entertainment; and Articles.

Follow us on social media:

CORPORATE LINKS

  • About
  • Contacts
  • Report a story
  • Advertisement
  • Content Policy
  • Privacy Policy
  • Terms
 
  • Fact-Checking Policy
  • Ethics Policy
  • Corrections Policy
  • REPORT A STORY
  • PRIVACY
  • CONTACT US

© 2022 WITHIN NIGERIA MEDIA LTD. designed by WebAndName

No Result
View All Result
  • HOME
  • FEATURES
  • NEWS PICKS
    • BREAKING
    • National
    • Local News
    • Politics
    • Diaspora
    • Business
    • Education
    • Sports
    • World News
      • Africa
      • U.S
      • Asia
      • Europe
    • XTRA
  • ENTERTAINMENT
  • MORE
    • GIST
    • ARTICLES
    • VIDEOS

© 2022 WITHIN NIGERIA MEDIA LTD. designed by WebAndName