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Thursday, June 7, 2018

Nigeria's New Tax Regime...

NIGERIA - Federal Executive Council Wednesday approved two Executive Orders and five Amendment Bills to the country’s tax policies so as to reduce tax burden on Nigerians and boost ease of doing business.

The approvals, according to
Finance Minister, Kemi Adeosun, include: two Executive Orders - Value Added Tax Act (Modification) Order and Review of Goods Liable to Excise Duties and Applicable Rate Order.

The five Amendment Bills are: the Companies Income Tax Act (Amendment) Bill; Value Added Tax Act (Amendment) Bill; Customs, Excise, Tariff ETC (Consolidation) Act (Amendment) Bill; Personal Income Tax Act (Amendment) Bill; and Industrial Development (Income Tax Relief) Act (Amendment) Bill. 

"Majority of the provisions approved are actually removing the tax burden and clarifying obsolete and ambiguous areas of tax.  
  
“So, for example, for VAT there is an exemption for residential property, leases on rental, transport for the general public and life insurance. 

“These are areas that previously were VAT-able and what was approved..was that these areas should be removed, then they shouldn’t be subject to VAT," Adeosun said. 

This, indeed, is very good for our economy. The journey has commenced. We'll surely get there...

Idowu Sowunmi
Journalist | Communicator

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