Oyedele: New Tax Laws To Grant Reliefs For Low-Income Earners, Small Businesses From January

Contributing sentiments towards policy:

62% : Under the proposed tax regime, there is provision for holiday for the first five years for agricultural businesses (crop production, livestock, dairy among others), Oyedele said. Also free from tax are gains from investment in a labelled start-up by venture capitalist, private equity fund, accelerators or incubators.
57% : Chairman, Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, has said the new tax laws will provide several reliefs and exemptions for low-income earners, average taxpayers, and small businesses, from January next year.
56% : An update by the presidential tax reforms committee further clarified that the new tax dispensation also provided for allowance deductions and reliefs for individuals.
56% : He said small companies will enjoy VAT exemptions on turnover less than N100 million, diesel, petrol, and solar power equipment among others.
54% : In general, Oyedele said there were about 50 tax exemptions and reliefs designed to benefit the masses.
52% : Others are exemptions of small companies from four per cent development levy as well as exemptions of manufacturers and agriculture businesses from withholding tax deduction on their income.
51% : Oyedele stressed that the tax reforms also granted zero per cent exemptions on basic food items, rent, education services and materials, health and medical services, and pharmaceutical products.
49% : David Oyedele says new tax laws taking effect in January will introduce 50 reliefs for low-income earners and small businesses.
49% : In addition, under the Capital Gains Tax (CGT), sale of an owner-occupied house, and personal effects or chattels worth N5 million are tax exempt, he said.
49% : Also, 20 per cent of annual rent of up to N500,000 will be exempted from tax obligations.
47% : Furthermore, effective January, individuals earning the national minimum wage or less, and annual gross income of N1.2 million (translating to about N800,000 taxable income) are tax exempt.
46% : Among others things, pension contribution to Pension Fund Administrators (PFAs), National Health Insurance Scheme, and National Housing Fund contributions will not be subjected to tax.
46% : Electronic money transfers below N10,000, salary payments, intra-bank transfers, transfers of government securities or shares and all documents for transfer of stocks and shares are not subject to tax, Oyedele said.
44% : Small companies whose turnover are not more than N100 million and total fixed assets N250 million will pay zero tax, while eligible start-ups are tax exempt, he said.
37% : Oyedele said the reforms further reduced PAYE tax for those earning annual gross income up to N20 million as well as exempted gifts from tax.

*Our bias meter rating uses data science including sentiment analysis, machine learning and our proprietary algorithm for determining biases in news articles. Bias scores are on a scale of -100% to 100% with higher negative scores being more liberal and higher positive scores being more conservative, and 0% being neutral. The rating is an independent analysis and is not affiliated nor sponsored by the news source or any other organization.