Strong indications emerged Thursday suggesting that the Green Chambers of the National Assembly, the House of Representatives has adopted the controversial tax reform Bill and retained VAT rate at 7.5%.
The House which also adopted sharing formula also is currently awaiting the expected Senate concurrence any time from now.
A member of the House, Hon. Imran Muhammad, in a tweet on his verified X handle, @Imranmuhdz, on Thursday, said that the House also agreed on Value Added Tax (VAT) Sharing Formula:
*50% to be distributed equally
*20% to be distributed based on population
*30% to be distributed based on consumption.
The current 7.5% VAT rate was retained.
The House also amended the controversial Inheritance Tax clause, clarifying that any inheritance received before the dissolution could not be subject to taxation.
The House also approved the provision for continued funding of TETFUND, NASENI, and NITDA through the development levies fund.
