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Beneath the Surface: The Dark World of Illicit Tin Mining in PlateauNigerian lawmakers violate country’s law, ignore PWD’s needs despite spending N42 billion on renovationsSPECIAL REPORT: How disinformation fueled ethnic tensions in KadunaThe decline of government job dependency in Nigeria, By Mohammed Dahiru AminuBeneath the Surface: The Dark World of Illicit Tin Mining in PlateauNigerian lawmakers violate country’s law, ignore PWD’s needs despite spending N42 billion on renovationsSPECIAL...
Another important part of the reforms is a 5 per cent excise duty on telecommunications services. The size of the industry and its economic importance means this measure will likely bring a lot of money. However, it has been criticized for increasing the price consumers pay, which has become critical to modern commerce and communication.To assist SMEs, the changes exempt corporations with an annual turnover of less than 650 million from corporate income tax.
Citizen Involvement: Establishing forums for taxpayer-policymaker engagement will help people better understand each other and decrease resistance to reform.Perhaps the most controversial feature of the 2024 reforms is the envisaged redistribution of VAT income:State Share: Upped from 50 per cent to 55 per cent.
Case Study: One individual can now file his taxes online and without intermediaries and queues, so it’s faster and with fewer mistakes.How It Works: Under the reforms, companies with turnovers below 650M will not be subject to corporate income tax. Example: A state such as Rivers, which takes in substantial VAT, will be allocated an equal amount to invest back into its development.What It Is: Income generated from VAT increases and excise duty are directed to social welfare programmes to alleviate the burden on low-income families.
Why It’s Important: This redistribution could harm the federal-state relations, resulting in tax-sharing contentions.What Does It Mean? Introducing systems like automated tax platforms requires infrastructure, training, and public awareness investment.
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