The Nigerian Senate has suspended further deliberation on the controversial Tax Reforms bill.
Reports from the red chamber on Wednesday say the senators decided to suspend debate on the matter to avert crisis and instill national cohesion in governance.
Details of the Senate’s u-turn are still sketchy, but information filtering from the senate says all is calm.
The tax reform bills in the National Assembly are proposing some radical measures that could affect the fiscal policy of the tiers of government in Nigeria.
Although the focus has largely been on the sharing formula of the VAT as prescribed by the bills, there appears to be other issues that financial experts say will make very rich bear the burden of taxation as obtainable in other climes of the world.
