Tinubu’s new Tax Reform summarized:
•Any business with less than N50 million turn over are exempted from Tax payment.
•Over 90% of percent of workers in Public and Private Sector will no longer pay Income Tax.
•Over 82% of what low persons consume will be VAT free.
•Scrapping over 50 nuisance Tax suffered by local businesses.
•VAT will be no longer be calculated base on where the companies have their headquarters, but where their goods are consume.
•The rich to pay more Tax, while the poor will stop paying Tax.
•Consumption of Tax collected by the States will be eliminated completely.
•Federal Government share of VAT to reduce from 15% to 10% as States and Local Government Areas (LGAs) now get 90%.
•Those earning less than N1.7million monthly will now pay less income tax.
•Customs, NUPRC and other Government Agencies will no longer collect tax as only one Agency will be responsible for the collection of all taxes in NGR.
•Those receiving less than N9 million per annum could have their income tax cut by half.
•The bill could lead to abolition of other multiple tax laws like the Stamp Duty Act.
•Over 90% Small Business would no longer pay profit tax.
•Gradual increase of VAT from 10% in 2025 to 15% in 2030… with almost every goods consume by the low income earners.
•Many NGR companies pay over 60 types of different tax and levies,…The bills seeks to end this factor killing NGR industries.
-9News Nigeria.
