Tax Reform: Oyedele Say Low Earners, Small Biz Go Enjoy Tax Relief From January

Chairman of Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, don talk say from January, people wey no dey earn plenty money and small businesses go begin enjoy serious tax relief under di new tax reform. Oyedele yarn for him X handle on Monday say small businesses and individuals wey dey earn national minimum wage or less, plus those wey dia annual gross income no pass ₦1.2 million (about ₦800,000 taxable income), go benefit. E still add say people wey dey earn up to ₦20 million yearly go see reduced PAYE tax, while gifts no go dey taxed again.

Oyedele list plenty areas wey go benefit from di tax relief, including pension, health insurance, National Housing Fund, and rent relief of 20% up to ₦500,000. Pensions, gratuities, and employment compensation up to ₦50 million go remain tax-free. Small companies wey turnover no reach ₦100 million go pay 0% tax, and agricultural businesses go enjoy five-year tax holiday. Basic food items, education, health services, rent, diesel, petrol, and solar equipment go still remain 0% VAT. Oyedele also mention say electric vehicles, baby products, sanitary pads, and disability aids no go attract VAT or stamp duty. Di new policy go bring major relief for low-income Nigerians and small companies to make business easy for dem.