The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has announced plans to increase personal income tax for Nigerians earning above N1.5 million monthly.
Speaking at the 30th Nigeria Economic Summit in Abuja, Oyedele revealed that those earning N1.5 million or less will see a reduction in their tax, with some low-income earners fully exempt. For higher earners, the tax rate could rise up to 25%.
The Federal Executive Council approved new economic stabilisation bills on September 23, aimed at reforming tax policies. These include tax relief for companies creating jobs, and adjustments to personal income tax for earners between N200,000 and N400,000.
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The government says it is also working on ensuring that tax compliance is more effectively targeted at the appropriate groups.
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