FG plans 25% income tax on wealthy Nigerians

Taiwo Oyedele, the Chairman of the Presidential Committee connected Fiscal Policy and Tax Reforms has said that the national authorities has projected that idiosyncratic income for affluent radical volition summation to 25 percent from 2025.

Oyedele disclosed this successful its remarks astatine the 30th Nigeria Economic Summit.

According to him, the caller taxation argumentation contained successful the Economic Stabilization Bill presently astatine the National Assembly
will spot affluent Nigerians earning supra N1.5 cardinal wage much taxes successful the coming months.

Citing a survey by NEGS, helium said lone 17 percent of Nigerians and 30 percent of businesses wage taxes due to the fact that of a deficiency of spot successful the Nigerian government.

He stressed that the state is moving to adjacent its astir 70-75 percent taxation spread to treble its gross by 4 times.

“The affluent radical earning N1.5 cardinal supra volition spot their idiosyncratic income taxation emergence by up to 25 percent.

“Only 17 percent of Nigerians wage taxes, arsenic good arsenic 30 percent of businesses and 1 of the reasons is due to the fact that they don’t spot the government.

“Therefore, what we privation to bash is to person a National portal conscionable similar South Africa wherever taxation outgo is seamless and transparent due to the fact that our existent taxation spread is astir 70-75 percent but if we close that and everyone pays, our revenues volition beryllium 4 times.

“Another contented is argumentation gaps wherever we assistance unnecessary waivers to immoderate radical who don’t adjacent merit it. But the main contented remains compliance issue”, helium said.

Recall that successful the archetypal week of October 2024, Oyedele announced that the Deduction of Tax astatine Source (Withholding) Regulations, 2024, has been published successful the authoritative gazette.

Earlier successful September this year, the Federal Executive Council approved the Economic Stabilisation Bills arsenic projected by Oyedele’s committee, aimed astatine 15 tax, fiscal, and constitution laws successful Nigeria.