Taiwo Oyedele, chairman of the presidential committee on fiscal policy and tax reforms, says the personal income tax of Nigerians earning above N1.5 million will be increased under the new economic stabilisation bill.
Speaking on the topic, ‘Fiscal & Monetary Policy Reforms; Removing Barriers to Private Sector Investment’, the tax committee chairman said people earning less than N1.5 million below would be exempted from the personal income tax .f you earn N1.5 million in a month or less, your personal income tax will go down. Of course, at the lower end, completely exempted. But if you earn more than that amount, you see it going up incrementally up to 25%,” he said.
“Today, if you earn N100 million in a month, nobody hates 19% effective personal income tax rate. We are taking that up to 25% of the ratio income. That’s because you need to balance people.”One of the bills offers tax relief to companies that generate incremental employment while another offers personal income relief to “people in private and public employment from N200,000 to N400,000”.
“So when you declare your income, and it doesn’t correlate with your economic activity, you will have to reconcile that difference. Also, you must invoice everything you do using a system connected to the government.“If you don’t, we’ll get the information from a third party, and each time you sell, the system monitors your inventory. So, the people who need to pay taxes will pay.
“When we withhold your income, and you’re borrowing at 35 percent, it means you’re funding the government at 35 percent.that the national assembly is considering a bill proposing an increase in the value-added tax from 7.5 percent to 10 percent.Presidential aide asks heads of MDAs to honour senate invitation
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