NAT’s Publicity Secretary, Mohammed Yusuf Ajiji, praised Tinubu’s efforts to streamline the tax framework and reduce the burden on Nigerians, urging the National Assembly to back these reforms.
Ajiji addressed public concerns over potential tax hikes, clarifying that the bills aim to simplify tax laws, enhance transparency, and foster growth.
“These reforms are designed to bring long-term relief to individuals, families, and businesses while establishing a streamlined, efficient tax system that promotes investment and growth,” he said.
The reform package includes four bills: the Nigeria Tax Bill, Nigeria Tax Administration Bill, Nigeria Revenue Service (Establishment) Bill, and Joint Revenue Board (Establishment) Bill.
A key proposal in the Nigeria Tax Bill is the classification of companies by turnover, exempting those with a turnover below ₦50 million from Companies Income Tax (CIT), providing vital support to small businesses.
Ajiji highlighted additional relief measures, including VAT exemptions on essential goods like food, healthcare, and education.
The reforms also propose a progressive income tax model, with low-income earners spared from personal income tax.
“Only individuals with annual incomes above ₦800,000 will be subject to PAYEE tax, offering significant reprieve for low-income citizens,” Ajiji added.
The bills also address the digital economy, introducing a framework to tax digital currencies. Ajiji emphasised that this move would allow Nigeria to benefit from untapped revenue in the growing digital sector.
