The Chairman of the Presidential Fiscal Policy and Tax Reform Committee, Taiwo Oyedele, has disclosed that the committee has put forward a proposal for tax relief targeted at companies that are currently experiencing losses and those operating with low profit margins.
Oyedele shared this information on Monday through his X account while responding to inquiries regarding the tax reform bills.
He said that individuals in the lowest-income bracket, representing approximately one-third of the workforce, will be completely exempted from tax, while low and middle-income earners will benefit from reduced tax rates.
According to him, “Businesses have consistently cited tax issues such as multiplicity of taxes and complex tax compliance requirements as major impediments to investment and competitiveness.
Addressing these issues will therefore facilitate economic growth and boost the country’s GDP.
Some of the proposals include a reduction of the corporate income tax rate from 30 per cent to 25 per cent over the next two years and the elimination of earmarked taxes on companies to be replaced with a harmonised single levy at a reduced rate.
