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.
In general, Oyedele said there were about 50 tax exemptions and reliefs designed to benefit the masses. He said pension funds and assets under the Pension Reform Act (PRA) were tax-exempt, including pension, gratuity or any retirement benefits granted in line with PRA.
Compensation for loss of employment up to N50 million will also not be liable to tax under the new regime, he said.
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.
Others, according to Oyedele, included sale of two private vehicles per year, gains on shares below N150 million per year or gains of about N10 million, pension funds, charities, and religious institutions (non-commercial), as well as gains on shares above exemption threshold, if the proceeds were reinvested.
