ABUJA—Yesterday, the Senate passed for second reading the Tax Reform Bills, a set of four legislative proposals. Among other things, they seek to increase the Value-Added Tax (VAT) distributable to states to 55 percent while reducing the Federal Government’s share to 10 percent.
The new legislative regimes also proposed zero VAT on exports and essential commodities, and to reduce company income tax from 30 to 25 per cent among others........READ MORE