At Reps’ hearing, FG rules out inheritance tax in reform bills

The Federal Government has clarified that there's no provision for inheritance tax in the new tax reform bills. This assurance was given at the House of Representatives hearing, where the government emphasized that inheritance tax was abolished in Nigeria in 1996.

The government explained that the tax reform bills aim to simplify the tax system, harmonize taxes, and address impediments to investments. The proposed reforms include reducing the corporate income tax rate from 30% to 25% over two years, eliminating minimum tax on loss-making companies, and granting input VAT credit to businesses on assets and services.

The government also highlighted that the tax reform bills are not introducing new taxes or increasing existing ones. Instead, they aim to promote economic growth, enhance revenue generation, and provide relief to low-income earners.

Some key benefits of the tax reform bills include:

- *Simplified Tax System*: Harmonizing taxes and eliminating multiple taxation

- *Reduced Tax Burden*: Lowering corporate income tax rates and eliminating minimum tax on loss-making companies

- *Relief for Low-Income Earners*: Exempting low-income earners from tax and providing rent relief allowances

- *Promoting Economic Growth*: Enhancing revenue generation and promoting investments through tax incentives.