Presidential Committee Proposes Exemption of 95 Percent of Informal Sector From Taxes

The Presidential Fiscal Policy and Tax Reforms Committee set up early this year by President Bola Tinubu has hinted of plans to revolutionise Nigeria 's tax system, exempting 95% of the informal sector from all taxes.

He stressed the need for tax reform, saying,"Everybody, even if you're not a business person, feels the impact of multiple taxation almost everywhere you turn. It affects small businesses even more than large businesses, and the poor and vulnerable population are having to deal with it. "So, we think that 95% of the informal sector should be legally exempted from all taxes: withholding tax, company income tax, even payee on their staff, let them be.

Oyedele disclosed that the committee has concluded the proposal phase and was currently consulting with the private sector, with internal approvals expected by the end of June. "We envisage by the Quarter Three, our documents will be ready to go to the National Assembly and by the end of that Q3, we should have them enacted into law, so we can give reasonable notice to the public, businesses, individuals before commencement for many of them kick off in 2025.

News Politics Economy Trade Business Sports Current Events Travel Nigeria West Africa

South Africa Latest News, South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Gabon's Dialogue Proposes National Rebirth, Presidential Term LimitsGabon's month-long national dialogue intended to lay the groundwork for restoring civilian rule in the Central African nation concludes at the end of April, with delegates proposing a range of options for new governance.
Source: allafrica - 🏆 1. / 99 Read more »

CoCT proposes one-way conversions on 13 roads to ease traffic congestionThe City of Cape Town intends to convert 13 roads within Subcouncils 6, 11, 14, 18, and 20 into one-ways to alleviate traffic congestion and enhance safety on these streets.
Source: CapeTownEtc - 🏆 17. / 63 Read more »

South African Man Proposes to His Girlfriend in a Pick n Pay Store, Shares TikTok VideoA TikTok video shows a man proposing to his girlfriend in a grocery store. The clip went viral on social media, leaving many South Africans in their feelings.'
Source: brieflyza - 🏆 10. / 68 Read more »

Xiluva party proposes SA limits intake of foreign nationals to 10%The party, led by former Midvaal mayor Bongani Baloyi, has supported assertions suggesting immigrants are being prioritised for jobs.
Source: ewnupdates - 🏆 30. / 53 Read more »

Kenya: Nazir Jinnah Proposes Loan Moratorium to Ease Financial Strain Among Businesses Affected By Ongoing FloodsBusinessman Nazir Jinnah has called on the Government to move with speed and alleviate the suffering of Kenyans affected by the ongoing heavy rains.
Source: allafrica - 🏆 1. / 99 Read more »

Enyobeni Tavern tragedy: SAHRC proposes a moratorium on new liquor licences in ECThe commission released an extensive report on its findings around the 2022 calamity that saw 21 patrons aged between 14 and 20 lose their lives while celebrating the completion of their exams.
Source: ewnupdates - 🏆 30. / 53 Read more »