Senior special assistant to the president on community engagement in the North West, Abdullahi Tanko Yakasai, has advised Kano residents to embrace the new tax reform bill, saying it would benefit the state more than others in the country.
He stated this yesterday in Kano at a forum on the benefits of the new bills, hosted by his office and the Federal Inland Revenue Service (FIRS).
Yakasai said the bill was meant to overhaul Nigeria’s fiscal framework, ease tax administration and boost government revenue.
He listed benefits of the tax reform saying, it reduces tax burden on citizens and other entities and stipulates lower taxes for low and middle-income earners.
“Full exemption from Pay As You Earn (PAYE) tax for workers earning up to N1.3 million per annum (Over N100,000 monthly), benefitting a significant portion of the workforce, reduced PAYE tax for workers earning up to N20 million per annum (about N1.7 million monthly), benefitting an additional large percentage of workers.
“Reduced cost of living, zero Value Added Tax (VAT) on essential items like food, healthcare and education which constitute a large portion of household consumption.
“VAT exemption on rent, transportation renewable energy, Compressed Natural Gas (CNG), baby products, sanitary towels and fuel products. These measures aim to cushion the impact of rising costs, especially for low-income earners,” he stated.
He added that there is enhanced disposable income, incentives for higher compensation, affordable housing and rent relief.
However, he noted that the benefits could only be derived with effective implementation and sound knowledge of the current economic conditions.
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