Business News of Wednesday, 4 December 2024
Source: www.mynigeria.com
A member of the Presidential Committee on Fiscal Policy and Tax Reform, Albert Folorunsho, has stated that the proposed controversial tax bill, has no connections with the North-South dichotomy.
In an interview with Arise News on Tuesday, December 3, 2024, Folorunsho said there was a general misunderstanding of the proposal.
He continued that people have given the wrong explanation of the bill.
Folorunsho stressed that the language of the bill is clear and easily understood by anyone who can read, referencing Section 22, Subsection 12 of the Tax Administration Bill, which requires a list of the location of derivation when filing returns.
He said, “If a person imports goods into Nigeria through Lagos Port but the goods are to be consumed in Kano, the VAT will be attributed to Kano, not Lagos.”
Folorunsho also mentioned telecommunications companies like MTN, which can file their returns by detailing the amount of calls made per state and location.
He also debunked claims of a Muslim-Christian divide in the taxation of families and communities regarding inheritance tax, clarifying that there is nothing in the bill related to inheritance tax.
“Someone was telling me today when it comes to the bill, they are trying to bring in Muslim-Christian dichotomy in terms of the taxation of families and communities that has to do with inheritance tax.
“I said there’s nothing in the bill about inheritance tax, which was repealed in Nigeria in 1996 by the abolition of the capital transfer tax,” Folorunsho said.