Connect with us

News

Oyedele outlines 10 advantages of tax reform bills for Nigerians.

Published

on

The ongoing discourse surrounding President Bola Tinubu’s tax reform bills has ignited considerable debate, particularly among Northern governors and various regional groups who express strong opposition to the proposed legislation. However, Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, has articulated ten key benefits of these bills, which are currently under consideration by the National Assembly.

In a statement shared via his official X account, Oyedele emphasized that the tax reforms aim to enhance the fiscal landscape of Nigeria while alleviating the burden on low-income earners. Notably, individuals earning up to N83,000 monthly will be exempt from the Pay As You Earn (PAYE) tax, and those earning less than N1.7 million annually will see a reduction in their PAYE obligations.

The proposed bills also include several provisions designed to support households and individuals, such as the implementation of a zero percent value-added tax (VAT) on essential services and goods, including food, healthcare, education, and transportation. Additionally, there are provisions for VAT exemptions on transportation, renewable energy, and essential household products.

Oyedele outlined the benefits of the tax reform bills as follows:

1. Complete exemption of low-income earners (up to N1 million per annum) from PAYE.
2. Reduced PAYE tax for those earning less than N1.7 million annually.
3. Zero VAT on food, healthcare, education, electricity generation, and transmission.
4. VAT exemption on transportation, renewable energy, CNG, baby products, sanitary towels, rent, and fuel products.
5. Tax breaks for wage awards and transport subsidies for low-income earners.
6. Tax incentives for employers to increase hiring compared to the previous three years.
7. Exemption of stamp duties on rent below N10 million.
8. PAYE tax exemptions for members of the armed forces engaged in combating insecurity.
9. Tax-friendly regulations for remote workers and digital nomads.
10. Clarification on the taxation of digital assets to prevent double taxation and allow for loss deductions.

These bills, which include the Joint Revenue Board of Nigeria (Establishment) Bill, 2024; Nigeria Revenue Service (Establishment) Bill, 2024; and the Nigeria Tax Bill, 2024, are designed to revamp the country’s tax laws and stimulate economic growth by benefiting small businesses, investments, and subnational entities. As the bills progress through the legislative process, their potential impact on Nigeria’s fiscal policy and economic landscape remains a topic of significant interest and discussion.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Entertainment

How the rumors of my death affected my family – Yinka Quadri.

Published

on

In a recent interview, esteemed Nollywood actor Yinka Quadri addressed the distressing repercussions of a death rumor that circulated in June, causing considerable concern among his fans and family. The 65-year-old actor took to social media to clarify his wellbeing, stating unequivocally that he was “alive and well.” Despite this reassurance, the emotional toll on his family was significant.

Quadri expressed his disappointment in those who propagate such falsehoods, acknowledging the unnecessary stress and anxiety inflicted upon his loved ones. He remarked, “Weldone, you content creators,” encapsulating his feelings towards the individuals responsible for the rumor. While he emphasized that no one welcomes the spread of death rumors, he chose to leave judgment of the perpetrators to a higher authority.

The actor recounted how the rumor caused his children, who reside abroad, to experience heightened worry, prompting frequent calls to verify his safety. Quadri’s experience underscores the profound impact that misinformation can have on individuals and their families, drawing attention to the ethical responsibilities of content creators in the age of social media.

In conclusion, the fallout from such rumors serves as a reminder of the importance of compassion and truthfulness in our communications, particularly when it concerns matters of life and death.

Continue Reading

Entertainment

Jada Pollock emphasizes that she is not solely defined by being Wizkid’s baby mama.

Published

on

In a recent interview, Jada Pollock, the talent manager and mother of Wizkid’s children, voiced her concerns about the limiting label of “baby mama.” Expressing her frustration, Pollock pointed out that this label often overshadows her individual accomplishments and professional identity.

During the conversation, Pollock recounted a specific incident following Wizkid’s Grammy win. She had released a statement celebrating the growth of Afrobeat, a genre that has gained international acclaim. However, to her dismay, the media opted to characterize her contribution by the label “Wizkid’s baby mama,” undermining her entrepreneurial efforts and dedication. “The narrative does not recognise that you’re an entrepreneur and a hardworking businesswoman,” she remarked poignantly.

Pollock’s efforts extend beyond motherhood; she plays a vital role as a manager, actively contributing to the legacy of Afrobeat. Since beginning their relationship in 2014, Pollock and Wizkid have welcomed two sons, Zion and AJ. Jada Pollock’s experience highlights the importance of acknowledging individuals for their multifaceted roles beyond traditional labels, advocating for recognition of their professional identities amidst personal ones.

As society continues to evolve, it is crucial to embrace a broader perspective on the roles women play, particularly in the entertainment industry, where contributions often transcend personal relationships.

Continue Reading

News

Abia State Government to Implement Compulsory Free Education in 2025.

Published

on

In a progressive move towards enhancing the quality of education, the Abia State Government, under the leadership of Governor Alex Otti, is set to introduce compulsory free education for primary schools and Junior Secondary Schools 1–3 in 2025. This initiative aims to alleviate financial barriers to education and ensure that every child in the state has access to quality learning opportunities.

The announcement was made by the Commissioner for Basic and Secondary Education, Goodluck Ubochi, during a ceremony in Umuahia, where he celebrated the achievements of Abia State students who excelled in the recent 27th National Junior Engineers, Technicians, and Scientists (JETS) competition held in Abuja. Ubochi emphasized that this step is part of Governor Otti’s broader vision to revitalize the education sector, enabling students to realize their full potential.

The significant role of competitions, such as JETS, was underscored by Ubochi. He noted that such platforms allow students to demonstrate their talents while developing innovative solutions to complex challenges, thereby augmenting their academic growth. The accomplishments of these young scholars were acknowledged by notable figures, including the Special Adviser to the Governor on Education, Kenechukwu Nwosu, and Mrs. Lydia Onuoha, Executive Board Chairman of the Abia State Universal Basic Education Board (ASUBEB), who attributed their success to the state government’s dedicated investment in education.

In recognition of their commendable performances, these remarkable students received learning equipment, while their educators were incentivized with cash rewards. Friday Madu, chairman of the Nigeria Union of Teachers in Abia, also praised the students for their outstanding contributions at the national level.

The impending implementation of compulsory free education in Abia State represents a significant milestone in the quest for educational equity, aiming to foster a generation of learners equipped for the future.

Continue Reading

Trending