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Home Economy Taiwo Oyedele Lists Tax Reform Benefits for Nigerians
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Taiwo Oyedele Lists Tax Reform Benefits for Nigerians

By
Prnigeria
-
December 9, 2024

Taiwo Oyedele Lists Tax Reform Benefits for Nigerians

The Chairman of the Presidential Committee on Fiscal Policy and Tax Reform, Taiwo Oyedele, has unveiled a comprehensive roadmap aimed at transforming Nigeria’s tax system for the benefit of all. These reforms, captured in the new tax bills, promise to deliver widespread benefits for households, businesses, high-income earners, and subnational governments. Here’s what you need to know.

For Households and Individuals

1. Tax Relief for Low-Income Earners: Workers earning up to ₦1 million per year (approximately ₦83,000 per month) will be exempt from paying PAYE tax, while those earning less than ₦1.7 million per month will enjoy reduced rates.

2. Zero VAT on Essentials: Food, healthcare, education, electricity, transportation, renewable energy, and basic items like baby products and sanitary towels will no longer attract VAT.

3. Support for Low-Income Earners: Tax breaks are provided for wage awards and transport subsidies, alongside incentives for employers to hire more people.

4. Special Considerations: Remote workers, digital nomads, and digital asset transactions will benefit from tax clarity and reduced burdens.

5. Stamp Duty Exemptions: Rent agreements under ₦10 million are exempt from stamp duties, as are armed forces personnel engaged in combating insecurity.

For Small Businesses

1. Tax-Free Threshold Increased: Businesses with turnover below ₦50 million annually will be exempt from corporate income tax.

2. Simplified Tax Filing: Small businesses can now submit a simplified statement of accounts in place of audited financials.

3. Elimination of Multiple Levies: Taxes are being harmonized to remove duplicative levies, with a focus on formalizing and growing small enterprises.

4. Protection Against Arbitrary Assessments: The new Office of Tax Ombud will resolve tax disputes within 14 days and protect businesses from unfair assessments.

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5. Ease of Operations: Withholding tax on small business income and cash payments through physical roadblocks are being abolished.

For Large Businesses and Investments

1. Lower Corporate Income Tax: The rate is reduced from 30% to 25%, alongside harmonization of earmarked taxes.

2. Incentives for Efficiency: Businesses can enjoy tax credits on income earned abroad, VAT refunds within 30 days, and deductions for pre-operational expenses incurred up to six years before commencing operations.

3. Support for Restructuring: Reforms encourage efficiency through a friendly tax regime for mergers, reorganizations, and related activities.

4. Taxpayer Rights Strengthened: Delayed responses from tax authorities on disputes will favor taxpayers, ensuring a fair process.

For High-Income Earners (HNIs)

1. Targeted Relief: Personal effects up to ₦5 million, two private vehicles, and gains on the sale of shares below ₦150 million are exempt from tax.

2. Progressive Rates: While essential items are exempt from VAT, luxury goods will attract progressive rates to balance the reforms.

3. Incentives for Investments: Income earned from state-issued bonds, in addition to federal bonds, will be tax-free, fostering investment.

For Subnational Governments

1. Revenue Redistribution: States will receive 5% of VAT revenue and exclusive rights to income from Electronic Money Transfer levies.

2. Strengthened Tax Administration: An integrated tax system will enhance intelligence sharing, while new frameworks will ensure autonomy for state revenue services.

3. Harmonized Laws: Obsolete stamp duty laws are repealed to streamline state revenues, and tax frameworks for lottery and gaming are being introduced.

A Reform for Everyone

The new tax bills are designed to foster inclusivity and growth across Nigeria. From small businesses and households to large corporations and state governments, the reforms aim to create a fair, transparent, and efficient tax system. Oyedele urges Nigerians to support the bills as a step toward a better and more equitable future.

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