The Tax Reforms Committee chairman, Taiwo Oyedele, said if the bills are passed and assented to by the president, 30 per cent of Nigerians who earn between N50,000 and N70,000 monthly will be exempted from paying tax.
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Mr Oyedele made the clarifications Wednesday when he appeared before senators during the plenary to brief the lawmakers on the need to pass the bills.the National Assembly for approval. They are the Nigeria Tax Bill 2024, the Tax Administration Bill, the Nigeria Revenue Service Establishment Bill, and the Joint Revenue Board Establishment Bill.
“So effectively, if somebody earns 100 million Naira a month, the maximum they will pay even on that approval side is only 25 per cent. If they were in South Africa, they would be paying 41 per cent. If they were in Kenya, they would be paying 35 per cent. Of course, if they were in the UK or the US, they would be close to 40 per cent, but we are doing only 25 per cent.
“In addition to that, in the US today, they do sales tax and it is collected by states, but the states cannot collect sales tax on imports or international services because that is the exclusive preserve of the federal government. “One, because it is fair to do so. Number two, to discourage any state from going to the Supreme Court to get a judgement that they want to administer VAT on their own, which is not what we want.”Mr Oyedele also said the tax reform bills will review the percentage formula for sharing VAT by the federal, state and local governments.
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