Taiwo Oyedele, chairman of the presidential fiscal policy and tax reforms committee, says the committee has proposed significant tax exemptions for small businesses in Nigeria.
September 3, 2024 11:15 pmsays the committee has proposed significant tax exemptions for small businesses in Nigeria.
Under the new proposals, Oyedele said businesses with an annual turnover of N50 million or less will be exempted from various taxes, including value-added tax , withholding tax, and company income tax . “We’ve exempted small businesses from tax, from those withholding taxes, no VAT, almost all the taxes, no VAT, no withholding tax, no companies income tax,” he said.“But in our proposals, the laws we are passing to the National Assembly in the next few days or weeks, we’ve proposed that to go up to N50 million.
Oyedele said the exemptions, which form part of the broader fiscal and tax reforms, also include incentives for private-sector employers.
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