WHAT IS IN THE TAX REFORM.

1. Any business with less than N50million turnover are exempted from tax payment.

2. over 90% of workers in public and private sector will no longer pay income tax.

3. Over 82% of what low income persons consume will be VAT free.

4. scrapping over 50 nuisance tax suffered by local businesses.

5. VAT will no longer be calculated base on where the companies have their headquarters but where their goods are consume.

6. the rich to pay more tax while the poor will stop paying taxes.

7. Consumption tax collected by states will be eliminated completely.

8. FG share of VAT to reduce from 15% to 10% as states and LGAs now get 90%.

9. Those earning less than N1.7m monthly will now pay less income tax.

10. Customs, NUPRC and other govt agencies will no longer collect tax as only one Agency will be responsible for collection of all taxes in NGR.

11. Those receiving less than N9million per anum could have their income tax cut by half.

12. The bill could lead to abolition of other multiple tax laws like the stamp duty act.

13. Over 90% of small business would no longer pay profit tax.

14. Gradual increase of VAT from 10% in 2025 to 15% in 2030... With almost every goods consume by low income earners exempted from VAT.

15. Many NGR companies pay over 60 types of different tax & levies. The bill seeks to end this factor killing NGR industries.

Ok

According to BBC Hausa, Senator Barau Jibrin said, “Because of the contents of the bills, we decided to invite experts or the people who developed them on behalf of the President to explain to us the provisions of the bills and also advise us so that Nigerians will know about it. The bills have to scale the second reading before they could be taken to the committee for a review. Nobody will do something that will have a negative impact on his people. The issue now is to first know the provisions of the bills. Majority of people don’t even know the contents therein, even some of our lawmakers. We have to first have a grasp of the bills before they would be understood, that was why it was sent to the committee for them to review so that we know the situation.”

Softmirror:
According to BBC Hausa, Senator Barau Jibrin said, “Because of the contents of the bills, we decided to invite experts or the people who developed them on behalf of the President to explain to us the provisions of the bills and also advise us so that Nigerians will know about it. The bills have to scale the second reading before they could be taken to the committee for a review. Nobody will do something that will have a negative impact on his people. The issue now is to first know the provisions of the bills. Majority of people don’t even know the contents therein, even some of our lawmakers. We have to first have a grasp of the bills before they would be understood, that was why it was sent to the committee for them to review so that we know the situation.”

I really like to learn more

LillyandDaisy:
I really like to learn more

Me too.