The Federal Government of Nigeria has introduced a bill offering companies a 50% tax relief if they raise salaries or provide transportation allowances to employees earning 100,000 naira or less monthly.
The proposal, embedded in the 2024 Nigeria Tax Bill, is part of broader tax reforms aimed at supporting economic growth and improving workers’ welfare.
According to the bill, employers would be able to claim deductions on increased salaries and transport allowances throughout 2023 and 2024, provided the benefits are directed at low-income earners.
Additionally, companies can claim further deductions if they hire and retain new employees for at least three years.
This legislative move aligns with other reforms recommended by the Presidential Fiscal Policy and Tax Reforms Committee, which President Bola Ahmed Tinubu appointed to streamline Nigeria’s tax system and promote fiscal transparency.
The bill is pending approval from the National Assembly, with the government optimistic that it will be a step toward easing economic burdens on low-income Nigerians and creating a more supportive and conducive work environment.
THE ROTTEN FISH: CAN OF WORMS OPENED OF APC & TINUBU'S GOVERNMENT OVER NIGERIA'S ECONOMIC DOWNTURN
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The economic crisis and hardship in Nigeria are parts of the discussion.
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