- Nigerian government plans to exempt companies earning N25 million or less per year from CIT, VAT, and other taxes
- The aim is to help businesses thrive and reduce their tax burden
- The government is working on providing tax relief to 95% of the informal sector
- New reforms will focus on the top 5% of the sector, the middle class, and the elite for taxes
- The committee is drafting laws to make necessary changes in fiscal policy and tax reform
- Compliance is urged from all stakeholders to implement the new fiscal and tax policy for the benefit of citizens
- Leaders are expected to lead by example in paying taxes correctly and on time
Source: ripplesnigeria.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
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