₦airaland Forum

D common and average man will bear d brunt of this tax...
Politicians don't pay tax.

Na masses de pay tax..

SarkinYarki:
Why January, this is how you spoil people's financial year , new policies should always be implemented I. The 2nd qtr of the year

President Bola Ahmed Tinubu has signed the Tax Reform Bills into law, which makes a major shift in our tax system. As a Nigerian, this new law directly affects you.

So this is a simple breakdown of the law, read to see how it impacts you.

1. FIRS Renamed: The Federal Inland Revenue Service (FIRS) is now called the Nigeria Revenue Service (NRS).

2. Unified Revenue Collection: The NRS will now handle revenue collections previously managed by agencies like the Nigeria Customs Service, NUPRC, NPA, and NIMASA.

3. Low-Income Relief: Workers earning ₦800,000 or less annually are now exempted from income tax.

4. High-Income Tax: A 25% personal income tax applies only to individuals earning above ₦50 million annually.

5. Small Business Exemption: Small business owners are fully exempted from paying income tax.

6. Corporate Tax Cut: Starting in 2026, company income tax for medium and large firms will be reduced from 30% to 25%.

7. VAT Exemptions on Essentials: There is no VAT on essential items like food, medical services, pharmaceuticals, school fees, and electricity.

8. No Tax Hike: VAT remains at 7.5%, and corporate income tax stays at 30%—there has been no increase.

9. New Development Levy: A 2%–4% Development Levy will now fund critical national institutions like NELFUND, TETFund, NITDA, and NASENI.

CaptainGo:
President Bola Ahmed Tinubu has signed the Tax Reform Bills into law, which makes a major shift in our tax system. As a Nigerian, this new law directly affects you.

So this is a simple breakdown of the law, read to see how it impacts you.

1. FIRS Renamed: The Federal Inland Revenue Service (FIRS) is now called the Nigeria Revenue Service (NRS).

2. Unified Revenue Collection: The NRS will now handle revenue collections previously managed by agencies like the Nigeria Customs Service, NUPRC, NPA, and NIMASA.

3. Low-Income Relief: Workers earning ₦800,000 or less annually are now exempted from income tax.

4. High-Income Tax: A 25% personal income tax applies only to individuals earning above ₦50 million annually.

5. Small Business Exemption: Small business owners are fully exempted from paying income tax.

6. Corporate Tax Cut: Starting in 2026, company income tax for medium and large firms will be reduced from 30% to 25%.

7. VAT Exemptions on Essentials: There is no VAT on essential items like food, medical services, pharmaceuticals, school fees, and electricity.

8. No Tax Hike: VAT remains at 7.5%, and corporate income tax stays at 30%—there has been no increase.

9. New Development Levy: A 2%–4% Development Levy will now fund critical national institutions like NELFUND, TETFund, NITDA, and NASENI.

Okay VAT was not increased ..I am okay with it , it's a good bill

I really don not se the need for the change in name from Federal Inland Revenue Service to Nigeria Revenue Service

Melagros:
COMRADES, I listened to his interview on Arise and Channels, the plan is good but politicians always have a way to undermine any plan that is beneficial to the masses

True talk 🙏
Imagine,when you Formulates a good Policies and the Politicians are always Crawling overnights as Saboteurs - just for their Greedy and Selfish lifestyles.
They also have footsoldiers around them to do the wicked damages.

We' ve heard that before......
Let us keep a.tab on this statement and see whether it will not be used to weley some into paying taxes......
The optics of this president BAT and taxation is a poorly conceived I e which one way or the other had come to stay. - a wound that will fester forever....?!
What we need is change....we showed it with his early proclamations, only for it to be downwards