Hardship: FG Announces Plan To Scrap Taxes On Market, Haulage, Business Premises, Others
LAGOS SEPTEMBER 25TH (NEWSRANGERS)-In a bid to alleviate economic hardship and support small businesses, the Federal Government has announced plans to scrap several taxes affecting vulnerable populations and small-scale enterprises.
The decision was part of the resolutions at the Federal Executive Council (FEC) meeting held on Monday, chaired by President Bola Tinubu.
The FEC approved a series of Economic Stabilisation Bills that propose federal and state collaboration to scrap certain taxes.
Among the levies slated for removal are road haulage levies, business premise registration levies, livestock levies, and market taxes and levies.
The move is expected to provide relief to small business owners and informal sector workers who are grappling with multiple taxations amid economic hardship.
It is also aimed at stimulating growth and easing the financial burden on citizens.
Among the Economic Stabilisation Bills to be transmitted to the National Assembly include one to amend the income tax laws.
The approved bills, recommended by the Presidential Committee on Tax and Fiscal Policy Reforms established last year, seek to reform various aspects of Nigeria’s economic landscape.
Key areas of focus include promoting the export of goods and services, reforming the exchange rate regime, and unlocking foreign exchange liquidity.
One of the key amendments offers tax relief to companies that generate incremental employment.
Another bill proposes personal income relief for both private and public sector employees from N200,000 to N400,000 to provide financial respite for workers.
“The bills seek to amend the income tax laws, promote the export of goods and services, reform the exchange rate regime and unlock foreign exchange liquidity. One of the bills offers tax relief to companies that generate incremental employment. Another offers personal income relief to people in private and public employment, from N200,000 to N400,000.
“Another bill seeks federal and state collaboration to suspend certain taxes on small businesses and vulnerable populations. Among the taxes to be axed are road haulage levies, business premise registration levies, livestock levies, and market taxes and levies,” revealed Tinubu’s Special Adviser on Strategy and Information, Bayo Onanuga.
The Whisper
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Posted by News Rangers
on Sep 25 2024. Filed under Business, National.
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