Nigerians earning below N1m a year exempted from tax reform bills
Taiwo Oyedele Bills pro-poor, to tax prosperity — Oyedele, others Barring last-minute changes, the Senate will pass the controversial Tax Reform Bills today, exempting those earning below N1million per annum from the tax net. Vanguard gathered that most lawmakers who were initially opposed to the bills have changed their position following clarifications given by the Federal Government’s tax executives including Director-General, Budget Office, Tanimu Yakubu; the Executive Chairman, Federal Inland Revenue Service, FIRS, Zacch Adedeji; and the Chairman, Presidential Committee on Fiscal Policy and Tax Reforms, Mr Taiwo Oyedele. The tax executives, who appeared before the legislators, said among others that the bills were to tax prosperity and not poverty, and that those earning less than One Million Naira a year will be exempted from income tax. They also said sharing of Value Added Tax, VAT, which favours states like Lagos, will be reviewed and made more equitable Deputy President ...