WATCH THE VIDEO HERE Five months of negotiations and a three-day public hearing, finally, a decision has been made on the much-debated tax reform bills. This is because the House of Representatives has adopted the report of its committee on finance on the bills. Several amendments were made to accommodate all concerns as the bills were approved without any dissenting voice. Part of the amendments include the retention of value added tax (VAT)at 7.5 percent, redefinition of the inheritance tax, and distribution of value added tax. The House also approved the proposal for the military to be exempted from personal income tax. “All the 36 states, including the Federal Capital Territory have their representatives in the sub-committee. “This is the first time such a report is getting hundred per cent approval by almost all members,” the Speaker of the House of Representatives Tajudeen Abbas said.
Reps adopt tax reform bills, VAT remains 7.5%
