The Minister of Finance, Kemi Adeosun, on Wednesday, said the Federal Government is set to reduce the tax burden on Nigerians with two Executive Orders and five tax policy Amendment Bills.
Adeosun made this known while briefing State House Correspondents after the Federal Executive Council meeting at the Presidential Villa in Abuja.
She disclosed that the two Executive Orders are: Value Added Tax Act (Modification) Order and Review of Goods Liable to Excise Duties and Applicable Rate Order. The five Amendment Bills include the Companies Income Tax Act (Amendment) Bill and the Value Added Tax Act (Amendment) Bill.
Others are Customs, Excise, Tariff ETC (Consolidation) Act (Amendment) Bill; Personal Income Tax Act (Amendment) Bill and Industrial Development (Income Tax Relief) Act (Amendment), Bill.
Adeosun said the approval followed the presentation of a memorandum to seek the consideration and approval of the Council for the report of the National Tax Policy Implementation Committee on Tax Laws Reform.
Federal Executive Council had on Feb. 1, 2017, approved the revised National Tax Policy in order to have a robust tax system to promote investment, improve revenue for sustainable national development and boost the ease of doing business.