Chairman of Presidential Advisory Committee on Fiscal Policy and Tax Reform, Taiwo Oyedele, yesterday, said the committee’s proposal on the derivation formula for Value Added Tax (VAT) distribution among the federal, state, and local governments was intended to “create a fairer system by devising a different form of derivation”.
Oyedele’s comments came as former Chairman of Independent National Electoral Commission (INEC) Professor Attahiru Jega warned the federal government against following the advice of the Bretton Woods institutions—the World Bank and the International Monetary Fund (IMF).
Similarly, the senator for Borno South Senatorial District, Ali Ndume, appealed to the federal government not to increase the burden of the poor with additional taxes.
Writing on his official X handle, @taiwoyedele, the presidential fiscal policy and tax reform committee chairman said the recommendations in the new tax bill took into account the place of supply or consumption for relevant goods and services, whether they were zero-rated, exempt, or taxable at the standard rate.
