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TINUBU'S TAX REFORMS SUMMARIZED - as copied from Obiareri Nnaemeka

1. Any business with less than N50million turnover are exempted from tax payment.
2. over 90% of workers in public and private sector will no longer pay income tax.
3. Over 82% of what low income persons consume will be VAT free.
4. scrapping over 50 nuisance tax suffered by local businesses.
5. VAT will no longer be calculated based on where the companies have their headquarters but where their goods are consumed.
6. the rich to pay more tax while the poor will stop paying taxes..
7. Consumption tax collected by states will be eliminated completely.
8. FG share of VAT to reduce from 15% to 10% as states and LGAs now get 90%.
9. Those earning less than N1.7m monthly will now pay less income tax.
10. Customs, NUPRC and other govt agencies will no longer collect tax as only one Agency will be responsible for collection of all taxes in NGR.
11. Those receiving less than N9million per annum could have their income tax cut by half.
12. The bill could lead to abolition of other multiple tax laws like the stamp duty act.
13. Over 90% of small business would no longer pay profit tax.
14. Gradual increase of VAT from 10% in 2025 to 15% in 2030... With almost every goods consume by low income earners exempted from VAT.
15. Many NGR companies pay over 60 types of different tax & levies... The bill seeks to end this factor killing NGR industries.
You may not like the messengers …But, the message is a good one .. . .

My comments: by John Ogunlela
Evidently, this shifts the immediate load from low income earners to high income earners. It is pro-people because the vast majority of Nigerians fall into the less taxes category.
We should however be cognizant of the supply-end economics here - higher taxes on employers and entrepreneurs (>₦100m range) can stifle investments and reduce job creation with every second worked out of the current employees. This will not be obvious at the onset.
It is Clauses 5, 9, 11 and 13 that are sore points because it does not benefit states that have fewer high income earners. They have neither high income earners' taxes nor do they GENERATE much VAT, and now the low income earners' taxes they feed from are being taken away.
They are clearly in trouble in the short term no doubt, but they are not condemned to be worsted. They can and should compensate by raising productivity. It is a challenge that can land them in an even better place. But they will need courage, innovation and all the things that go with being productive.
I will like to encourage all the states to agree with the bill and emphasize the sunny parts of it. The initial periods will be difficult, but the outcome will be be better for all citizens and communities. The bill is okay especially if the regions organize because some states are simply too small to succeed under this tax regime. Honestly everyone has always felt this day will come and you hear it in private conversations all over the country for decades. That's the truth. All states apart from Lagos, Rivers, Ogun and to some extent, Oyo will feel the heat. Yes, let states organize as regions and this will become a blessing to all of them.

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