1. Any business with less than N50 million turnover is exempted from tax payment.
2. Over 90% of workers in public and private sectors will no longer pay income tax.
3. Over 82% of what low-income persons consume will be VAT free.
4. Scrapping over 50 nuisance taxes suffered by local businesses.
5. VAT will no longer be calculated based on where the companies have their headquarters but where their goods are consumed.
6. The rich to pay more tax while the poor will stop paying taxes.
7. Consumption tax collected by states will be eliminated completely.
8. FG share of VAT to reduce from 15% to 10% as states and LGAs now get 90%.
9. Those earning less than N1.7m monthly will now pay less income tax.
10. Customs, NUPRC and other government agencies will no longer collect taxes as only one Agency will be responsible for collection of all taxes in the country.
11. Those receiving less than N9million per annum could have their income tax cut by half.
12. The bill could lead to abolition of other multiple tax laws like the stamp duty act.
13. Over 90% of small businesses would no longer pay profit tax.
14. Gradual increase of VAT from 10% in 2025 to 15% in 2030. With almost every good consumed by low-income earners exempted from VAT.
15. Many companies in the country pay over 60 types of different taxes & levies… The bill seeks to end this factor killing Nigerian industries
- COPIED