The Nigerian Senate has passed for second reading the Tax Reform Bills, a set of four legislative proposals, which among other things, 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.

While the bills were referred to the Committee on Finance to carry out other legislative action, it was also tasked to invite all the stakeholders to a public hearing to address all areas of concern and report back to the Senate in six weeks.

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