Northern Region Support Tinubu's Tax Reform Bill

President Bola Tinubu's proposed tax reform bill has garnered strong support from the North Agenda for Tinubu (NAT), a key regional group.

This backing is seen as a crucial step towards achieving economic stability and creating an investment-friendly environment in Nigeria.

The reform package comprises four legislative proposals: the Nigeria Tax Bill, Nigeria Tax Administration Bill, Nigeria Revenue Service (Establishment) Bill, and Joint Revenue Board (Establishment) Bill.

These bills collectively aim to streamline the tax framework, reduce the financial burden on citizens, and enhance transparency within the system.

Mohammed Yusuf Ajiji, NAT's Publicity Secretary, praised the initiative, stating, "These reforms are designed to bring long-term relief to individuals, families, and businesses while establishing a streamlined, efficient tax system that promotes investment and growth."

A standout feature of the Nigeria Tax Bill is its provision to exempt companies with a turnover below ₦50 million from Companies Income Tax (CIT), offering vital support to small businesses.

Additionally, the reform introduces a progressive income tax model, ensuring that only individuals earning above ₦800,000 annually will be subject to PAYEE tax, thus providing significant reprieve for low-income earners.

Ajiji also addressed public concerns about potential tax hikes, clarifying that the bills aim to simplify tax laws and foster growth. He highlighted additional relief measures, such as VAT exemptions on essential goods like food, healthcare, and education.

Furthermore, the reforms address the burgeoning digital economy by introducing a framework to tax digital currencies.

Ajiji emphasized, "This move allows Nigeria to benefit from untapped revenue in the growing digital sector."