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"Tinubu's Tax Reform Bills Not Retrogressive, Says Senate Spokesman"



*Tinubu's Tax Reform Bills Not Retrogressive, Says Senate Spokesman*

 The chairman, Senate Committee on Media and Publicity, Senator Yemi Adaramodu, had come out in defense of President Bola Tinubu's proposed tax reform bills, dismissing claims that the legislation is retrogressive.

The Nigeria Tax Bill 2024, transmitted to the National Assembly in early October 2024, outlines several key provisions aimed at reshaping Nigeria's fiscal framework and establishing a comprehensive legal framework governing taxation.

According to the bill, the Value-Added Tax (VAT) will increase from 7.5 percent to 10 percent by 2025, with further increases to 12.5 percent from 2026 to 2029, and 15 percent from 2030 onwards.

Other provisions include a 27.5 percent company tax rate, a 4 percent development levy on companies, and a 5 percent excise tax on lottery and gaming income. The bill also proposes a 5 percent telecoms tax on telecommunications services.

Despite the controversy surrounding the proposed tax reform bills, the Senate spokesman has maintained that the bills are not retrogressive and are aimed at reforming Nigeria's tax system.

"The proposed tax reform bills are designed to promote economic growth, increase revenue generation, and reduce inequality," the Senate spokesman said. "We urge Nigerians to support these efforts and work together towards a more prosperous future."

The proposed tax reform bills are currently before the National Assembly and are expected to undergo rigorous debate and scrutiny before being passed into law.

*What do you think about the proposed tax reform bills? Share your thoughts in the comments section below!*

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