Ten benefits of Tinubu’s Tax Reform Bills To 36 States as listed by the Presidency
The Presidency has explained the benefits of the contentious Tax Reform Bills to the 36 States of the Federation.
The proposed four legislations currently before the National Assembly for consideration and eventual passage into law, have sparked debate nationwide.
However, the Senior Special Assistant to President Bola Tinubu on New Media, Temitope Ajayi, provided an explanatory in a statement issued on Wednesday.
The development followed President Tinubu’s directive on Tuesday to the National Assembly and the Ministry of Justice to work together to address the concerns raised about the Bills.
“Human beings naturally resist change. When comfortable where we are, we find it extremely difficult to embrace an uncharted path or seek greater glory. Those who are risk averse often don’t want to venture out to embrace unfamiliar territories no matter how tempting the possible reward may appear. We should not, however, be so imprisoned by the fear of the unknown not to explore new possibilities because we find our present circumstances satisfying enough.
“Since the public debate around the Tax Reform Bills started, the strongest push back against it has come largely from the North. Borno State Governor, Professor Babagana Zulum has become the face of the resistance for the reasons he has pushed forward, even when some of them didn’t speak to the facts and provisions of the bills.
“If Governor Zulum and other voices of resistance who think the states will be shortchanged had actually taken time to examine the four executive Bills, they will see how progressive and transformative the Bills are. They will also discern the thought behind them which is primarily to make both the Federal and sub-nationals fiscally stronger and buoyant.
“In his public presentations and the most recent being the Channels TV Town Hall moderated by Seun Okinbaloye Monday evening, Chairman of Presidential Committee on Tax and Fiscal Policy Reforms, Taiwo Oyedele and other panelists again made convincing arguments for the passage of the Bills before the National Assembly,” Ajayi said.
Hereunder are 10 ways the Reform Tax Bills will benefit the 36 States of the Federation and enhance their capacity to earn more revenue, as listed by the presidential aide:
1. The federal government will allocate 5% of its current 15% share of VAT revenue to the states.
2. The Bills will direct income generated from the Electronic Money Transfer levy solely to the states as part of stamp duties.
3. The Bills aim to repeal outdated stamp duty laws and reintroduce a streamlined law to boost revenue for the states.
4. With the implementation of the new Tax Bills, states will gain entitlement to tax income from Limited Liability Partnerships.
5. Once approved by the National Assembly, the Tax Bills will allow state governments to benefit from tax exemptions on their bonds, aligning them with federal government bonds.
6. The proposed tax reform will establish a fairer model for the attribution and distribution of VAT, resulting in increased VAT revenue for states.
7. An integrated tax administration will offer tax insights to states, enhance capacity building and cooperation, and expand the Tax Appeal Tribunal’s jurisdiction to address taxpayer disputes concerning state taxes.
8. The new tax laws will empower the Accountant General of the Federation to withhold unremitted taxes from any government or MDA and remit them to the appropriate sub-national government for the personal income taxes of employees from federal institutions based in those states.
9. There will be a framework established to grant autonomy to state internal revenue services and bolster the Joint Revenue Board to foster collaborative fiscal federalism.
10. A legal framework will be established for the taxation of lotteries and gaming, along with the introduction of a withholding tax to benefit the states.
The statement added, “From the aforementioned, it is clear that the Tax Bills are not in any way injurious to the states. Apart from streamlining the tax system in Nigeria and catalysing economic output, the tax and fiscal policy reforms provide incentives for states to become economic powerhouse
News
Fake Medical Doctor sent to jail for allegedly removing womb causing woman’s death
Fake Medical Doctor sent to jail for allegedly removing womb causing Woman’s death
An Iyaganku Magistrates’ Court, Ibadan, on Wednesday ordered the remand of a 55-year-old fake doctor, Moyosore Johnson, in a correctional centre for allegedly causing the death of a woman.
Johnson, whose address was not provided, was arraigned on a four-count charge bothering on conspiracy and accelerating cause of death.
Magistrate Kausarat Ayofe did not take the plea of the defendant for lack of jurisdiction.
She directed the police to return the case file to the Director of Public Prosecution (DPP) for advice.
Ayofe adjourned the case until March 27, for mention.
Earlier, the Prosecutor, Insp. Segun Adegboye, told the court that the defendant committed the offences on July 5, 2024, at about 10.00 a.m, at Apata Igbala Hospital Iseyin, Oyo State.
Adegboye alleged that the defendant unlawfully accelerated the cause of the death of one Badirat Adebayo, 26, by carrying out surgery on her.
He alleged that the defendant removed Adebayo’s womb, which led to her death.
According to the prosecutor, the offences contravene Sections 516 and 319 of the Criminal Laws of Oyo State, 2000.(NAN)
News
Group seeks support for military to capture Bello Turji, other Terrorists
Group seeks support for military to capture Bello Turji, other Terrorists
The North-West Youths for Peace and Development (NWYPD), a non-governmental organisation, has called for the suppprt of the people in the region for the military in its renewed onslaught against Bello Turji and other terrorists in the region.
The Coordinator of the group, Salihu Bello, made the call while addressing newsmen on Wednesday in Abuja.
Bello also urged the people to show appreciation to the Armed Forces of Nigeria for its relentless efforts to tackle the activities of Bello and other bandits.
‘The military needs our to restore peace and order in the North West.
“While our region is seeking ways to advance economically, here we are dealing with forces of retrogression, people who don’t want our region to make progress.
“Unfortunately they are our people. How did we get here? Who are the people directly or indirectly supporting them?
“The North-West Youths for Peace and Development commend the Gen. Christopher Musa led Armed Forces of Nigeria for what is been done to restore peace in our region.
“We once more appeal to our people to support the military,” he said. (NAN)
News
Police operatives arrest 5 suspects for alleged murder of 7-year-old boy, Vigilante Commander
Police operatives arrest 5 suspects for alleged murder of 7-year-old boy, Vigilante Commander
The Police Command in Edo says it has arrested five suspects in connection with two different killings in the state.
This is contained in a statement on Wednesday in Benin, by the Police Public Relations Officer (PPRO) in charge of the command, CSP Moses Yamu.
Yamu said that the killings include an alleged gruesome murder of a 7-year-old boy, and the assassination of a local vigilante commander.
He said that one Mr John Okojabhole, a resident of Jehovah Witness Road, off Elebesunu Street in Irrua, reported the murder of his son, Evans Okojabhole, on Feb. 22.
According to him, the boy, who had been declared missing 24 hours earlier, was later found dead with his stomach ripped open, his ankles severed, and some fingers cut off.
”His mutilated body was dumped in a bush near their home.
”Following preliminary investigations, two suspects were arrested in connection with the crime.
“The police transferred the suspects to the State Criminal Investigations Department (SCID) in Benin for further investigation.”
The PPRO said that in another incident, the command was investigating the killing of one Victor Ogedengbe, 50, the Vigilante Commander of Erah Camp in Owan East Local Government Area of the state.
”Ogedengbe was reportedly attacked and killed in his farm on Feb. 25 by suspected herdsmen.
”The Chairman of Owan East LGA reported the incident at Afuze Police Division, prompting a swift investigation that led to the arrest of three suspects.
”The suspects are all residents of Erah community, and they have also been transferred to the SCID for further interrogation,” he said.
Yamu, disclosed that the police had also increased security in Uzanu and Okpekpe communities following the recent killing of two farmers by suspected herdsmen.
He said the Commissioner of Police, Betty Otimenyin, has reaffirmed the command’s commitment to ensuring the safety of residents in the state.
He quoted the commissioner as urging the public to remain vigilant and cooperate with law enforcement agents by reporting suspicious activities.
“We appreciate the support from the general public and appeal for continued cooperation. If you see something, say something,” the police boss was quoted as saying. (NAN)
Fake Medical Doctor sent to jail for allegedly removing womb causing woman’s death
Group seeks support for military to capture Bello Turji, other Terrorists
How Woman reportedly defiled Teenage Boy on several occasions in her apartment
Our situation in Kano terrible – Gov Ganduje cries out
FG pledges commitment to enhance Police officers Welfare, implement Tinubu’s 8-point agenda for NPF
DPO under investigation for allegedly taking teenage girl to his home while in police custody
-
5 years ago
Our situation in Kano terrible – Gov Ganduje cries out
-
News3 weeks agoFG pledges commitment to enhance Police officers Welfare, implement Tinubu’s 8-point agenda for NPF
-
News1 month agoDPO under investigation for allegedly taking teenage girl to his home while in police custody
-
News1 month agoJUST IN; Commissioner of Police bows out of Service
-
News4 weeks agoJUST IN; IG of Police orders Police Commands to involve PCRC in their operations
-
News4 weeks agoBREAKING; NLC declare nationwide protest
-
News1 month agoJUST IN: 30 graves, shrine dangerous weapons found inside Hotel
-
News1 month agoBREAKING; President Tinubu commissions Bola Ahmed Tinubu Barracks