New Tax reform bill to benefit low-income earners, small businesses-Oyedele

ABUJA, Nigeria - The chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, stated that the Tax Reform Bill aims to alleviate poverty and empower average Nigerians.

He expressed this during the Spokespersons’ Summit hosted by the Nigerian Institute of Public Relations in Abuja.

Oyedele conveyed strong confidence in the significant changes the bill would introduce, particularly benefiting low-income earners and small businesses across the nation.

Key aspects of the reform include exempting low-income earners from personal income tax and eliminating VAT on essential goods such as food, education, and healthcare. Additionally, a zero percent corporate income tax rate is proposed for small businesses. Despite the benefits for the populace, the bill has faced some misconceptions and criticism.

He remarked, "Taxation can be an unappealing subject for many, as parting with money is difficult, especially when one is unsure of how the government utilizes these funds for their benefit."

Oyedele emphasized the need to identify the root issues regarding tax and taxation before developing a solution tailored to Nigeria’s needs.

“We will utilize data to engage with the public and create a Nigerian-made solution for the Nigerian people. This is precisely what we have achieved with the tax reform bill, which is now on the verge of being signed by the President.”

He expressed optimism that once the implementation begins, Nigerians will witness a tangible positive change in their everyday lives, particularly with low-income earners becoming tax-exempt.