The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has assured that Nigeria's new tax laws will ease pressure on citizens and businesses, especially small and medium enterprises (SMEs).
Speaking on Channels Television, Oyedele said about 97–98% of Nigerians will either pay no tax or less than they currently do once the reforms take effect. A digital tax calculator has also been introduced to help individuals and businesses know their exact tax obligations.
Under the reforms, personal income tax will no longer apply to those earning ₦100,000 monthly or less, while middle-class earners will see deductions in their tax rates. High-income earners, however, will pay slightly more.
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For SMEs, the exemption threshold for corporate income tax has been raised from ₦25 million to ₦100 million, meaning businesses earning below ₦100m annually will pay zero corporate tax.
Oyedele stressed that the reforms aim to simplify Nigeria's tax structure, cutting over 60 existing taxes to fewer than 10. "This is not about new taxes, but about fairness, harmonisation, and transparency," he said.
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