30/11/2024
WHAT IS IN THE TAX REFORM...
1. Businesses with less than N50 million turnover are exempted from tax payment.
2. Over 90% of workers in public and private sector will no longer pay income tax
3. Over 82% of what low income persons consume will be VAT free.
4. Scrapping over 50 Taxes imposed on local businesses
5. VAT will no longer be calculated base on where the companies have their headquarters but where their goods are consume
6. The rich to pay more Taxes while
7. Consumption Tax collected by states will be eliminated completely
8. FG share of VAT to reduce from 15% to 10% as states and LGAs now get 90%
9. Those earning less than N1.7m monthly will now pay less income tax
10. Customs, NUPRC and other govt agencies will no longer collect tax as only one Agency will be responsible for collection of all taxes in Nigeria
11. Those receiving less than N9 million per annum could have their income tax cut by half
12. The bills could lead to abolition of other multiple tax laws like the stamp duty act
13. Over 90% of small businesses would no longer pay profit tax
14. Gradual increase of VAT from 10% in 2025 to 15% in 2030... With almost every goods consume by low income earners exempted from VAT
15. Many Nigeria companies pay over 60 types of different taxes & levies... The bills seek to end this factor killing NGR industries
