The Federal Government of Nigeria, through the Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, revealed that 90% of current taxpayers should be exempt.
Speaking at the 30th Nigeria Economic Summit, Oyedele stressed that 97% of those in the informal sector shouldn’t pay taxes as they’re focused on survival.
“People will pay tax once we decide that they have to pay. What we realise is that almost 90 per cent of people who are paying taxes are those who should not have been paying in the first place,” he said.
“So that’s where we came up with the data that 97 per cent of the informal sector should be formally exempted from taxes. People do not understand where we are coming from. They’re not the ones to pay taxes. They’re just trying to survive.”
He outlined plans to impose higher tax rates on wealthy Nigerians, while reducing obligations for middle and low-income earners. These changes, pending legislative approval, could take effect from January 2025.
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