50 ways tax reforms will benefit Nigerians, by Taiwo Oyedele - The Nation Newspaper

Contributing sentiments towards policy:

68% : Oyedele said the tax reform was a comprehensive package and represented one of the most people-focused tax reforms in Nigeria's recent history, targeting fairness, simplicity, and inclusiveness in the country's fiscal system.
64% : Eligible startups under Nigeria's labeled startup framework will also enjoy tax exemption.
61% : The 50 tax exemptions and reliefs mark a significant shift in Nigeria's fiscal policy direction -- one that prioritizes equity, productivity, and relief for households and businesses as the nation works toward a fairer and more efficient tax system.
60% : These include contributions to pension funds, the National Health Insurance Scheme, and the National Housing Fund, as well as interest on loans for owner-occupied homes and life insurance or annuity premiums.
60% : "We are selecting 20 creators who have demonstrated commitment to public enlightenment for a special training session to help them share accurate and useful tax information," he explained.
59% : Oyedele also announced a civic initiative tagged "Influencing for Good," aimed at empowering content creators and influencers to educate the public on Nigeria's new tax reforms.
58% : Agricultural enterprises in crop production, livestock, and dairy farming will receive a five-year tax holiday, while investors in labeled startups -- such as venture capitalists, accelerators, and private equity funds -- will enjoy exemptions on qualifying investment gains.
57% : To encourage better worker welfare, companies offering salary increases, wage awards, or transport subsidies for low-income employees will receive a 50 percent additional deduction.
57% : Value Added Tax (VAT) exemptions and zero-rated items are among the most extensive in the new law.
56% : Chairman, Presidential Fiscal Policy and Tax Reforms Committee, Mr. Taiwo Oyedele, has outlined 50 tax exemptions and reliefs designed to ease the financial burden on low-income earners, average taxpayers, and small businesses under Nigeria's new tax reform laws, which will take effect from January 1, 2026.
56% : Also, all gifts received by individuals are now tax-free, while several deductions will be allowable for personal tax computation.
54% : The new law exempts the sale of an owner-occupied house and personal effects worth up to N5 million from Capital Gains Tax (CGT).
50% : He said the reform framework is part of the government's commitment to "ensure that the masses and small businesses can thrive under a more just and growth-friendly tax environment." According to him, under the anew laws, individuals earning the national minimum wage or less will be exempt from Personal Income Tax (PIT), while those earning up to N1.2 million annually will also enjoy full exemption.
49% : For businesses, the reform grants small companies -- those with annual turnover not exceeding N100 million and total fixed assets below N250 million -- a zero percent Companies Income Tax (CIT) rate.
47% : Similarly, individuals can sell up to two private vehicles per year without tax liability.
45% : In addition, small businesses will be exempt from the four percent development levy previously applicable.
44% : Small companies, manufacturers, and agricultural businesses will no longer face withholding tax deductions on their income or payments to suppliers.

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