In a show of commitment towards reducing the tax burden and improving the ease of doing business for taxpayers, the Federal Executive Council (FEC or the Council) has approved two Executive Orders and five Amendment Bills touching on key provisions in the Nigerian tax and regulatory legislation. This communication was released by the Minister of Finance, Mrs. Kemi Adeosun, after the Council meeting on Wednesday, 6 June 2018.


The approval follows recommendations of the National Tax Policy Implementation Committee (NTPIC or the Committee), set up in April 2017 to carry out reviews of tax laws and regulations in accordance with the revised National Tax Policy. The overall aim of the new Executive Orders and amendment bills is to improve the ease of doing business in Nigeria by simplifying tax payment which will increase government revenue and ultimately grow the economy.

The approved Executive Orders and Amendment bills are listed below:

Executive OrdersValue Added Tax Act (Modification) OrderReview of Goods Liable to Excise Duties and Applicable Rates Order, 2017Amendment BillsCompanies Income Tax Act (Amendment) BillValue Added Tax Act (Amendment Bill)Customs, Excise, Tariff etc. (Consolidation) Act (Amendment) BillPersonal Income Tax Act (Amendment) BillIndustrial Development (Income Tax Relief) Act (Amendment) Bill

By virtue of the provisions of the Value Added Tax Act (Modification) Order, residential property leases or rentals, transport services for use by general public and life insurance premiums are now exempt from Value Added Tax (VAT).

Also, the Review of Goods Liable to Excise Duties and Applicable Rates Order provides legislative backing to approved changes to the rates and bases for levying excise duties on alcoholic beverages and tobacco, amongst others. The changes were earlier communicated via a circular issued by the Minister of Finance, which became effective on 4 June 2018 (see the link to our tax alert on this).

While the modifications contained in the two Executive Orders will take effect as communicated in the Orders, the Bills will not have the force of the law until they have been reviewed and enacted by the National Assembly. We, therefore, advise taxpayers and other stakeholders to review the proposed amendments in more details to ensure all relevant and crucial issues are raised before the Bills are enacted.

SOURCE: https://brandspurng.com/fec-approves-executive-orders-on-vat-and-excise-duties-alongside-five-amendment-bills/

Car will be very cheap now oooo

Nice

Hisbah seizes alcohol bt their state govt gets a share of VaT from same alcohol. Y

It won't stop us from sending him to daura

Greatly appreciated

This will reduce the stress in doing business

Election is now around the corner. Buhari is doing everything possible to retain a good image before Nigerians. But this is medicine after death cos we know leopard can't change its skin. You can only cajole us, u can't deceive us again. once bitten twice shy.

isoright

They collect VAT from the South to spend in the North!

Is that not injustice?

I hear 50% of vat comes from Lagus alone.
Yet most of it is spent in the North!

If this much VAT was collected in the North will it be spent i n the South?

Just simply recruitment into police they find it hard to share!

Just the North West alone has more than the whole South put together.



South and middle belt make una shine una eyes

Seems 2019 is gradually resetting their brains.

post=68397549:

By virtue of the provisions of the Value Added Tax Act (Modification) Order, residential property leases or rentals, transport services for use by general public and life insurance premiums are now exempt from Value Added Tax (VAT



GOOD DEVELOPMENT

I doubt if the cost of the above will reduce. The investors will see it as their gain rather than making their clients feel the impact.

Makes sense, hope no be Dangote go be the major beneficiary sha

Nigeria govt be like Nepa, 3 years off, 1year (campaign year) on

ok.

Was insurance premium ever subject to vat.

Was residential rent ever subject to vat

Na wa o

Publish the list of vatable and exciseable Products.

ORIENTATION101:
sorry always be specific in your comment your are not elected or spokesperson for the entire populace.
my households and I have more than 20 pvc to vote Buhari on 2019 deal with it!!!

GOD BLESS you comrade, more of that.
Nigeria will be GREAT again.
GOD BLESS MY PRESIDENT

Zico5:
Election is now around the corner. Buhari is doing everything possible to retain a good image before Nigerians. But this is medicine after death cos we know leopard can't change its skin. You can only cajole us, u can't deceive us again. once bitten twice shy.

sorry always be specific in your comment your are not elected or spokesperson for the entire populace.
my households and I have more than 20 pvc to vote Buhari on 2019 deal with it!!!