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Vice President Kashim Shettima has defended the government's tax reform initiative aimed at reducing multiple levies that burden businesses and low-income individuals. He emphasized that these reforms are intended to improve living standards and combat poverty.
The Federal Government has launched a 1% presumptive tax aimed at informal businesses while banning cash collection and roadside tax practices in Nigeria, aimed at enhancing transparency in the tax system.
Nigerians are sharing positive experiences with new tax laws that have effectively reduced payroll taxes and increased net income. The reforms are designed to benefit low and middle-income earners while addressing equity.
Tope Fasua, the Special Adviser on Economic Matters to President Tinubu, has reported that a significant number of workers in Nigeria have seen pay raises as a result of the government's recent tax reforms. He highlighted improvements in various economic indicators, including inflation and job growth.
Taiwo Oyedele, the Chairman of the Presidential Tax Reforms Committee, has asserted that the Federal Government will not jeopardize the country's future to benefit those who have evaded taxes for years. He emphasized the importance of ongoing tax reforms to enhance Nigeria's weak revenue stream.
Taiwo Oyedele, chair of the Presidential Fiscal Policy and Tax Reforms Committee, has assured manufacturers that newly proposed tax reforms will lower operational costs and encourage investment, despite claims of halted implementation guidelines.
