@ All,

The new tax regime approved and gazetted by the federal government in March, 2012 was backdated to take effect in June, 2011.
This new tax regime became effective in my own office this month and it was all smiles as the burden of tax was reduced by close to 25% for employees.
But also i saw that a lot of my colleagues were also ignorant of what the tax laws were and what it has now become.
Almost everybody got refunds for the period of Jan to May 2012 with a promise to get further refunds for the last 6months of the past year.

I am starting this thread for two reasons,

1. To enlighten Nigerians on what the tax laws say

2. To console the many that will begin to see the effects of the new tax laws. This is because most companies especially banks have deviced ways of making their employees pay less tax by making their basic salaries very small with diverse benefits to increase total pay.

Let me have your comments and questions, as i have some bit of knowledge of both tax regimes.

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