Atlantic Free Zone City, Lagos – Na big news dey land for Naija as government don finally drop new tax reform wey suppose ease burden for low income earners and small businesses starting from January 1, 2026. E be like say we go enjoy some relief under dis new policy, whether you be paddy wey dey hustle or small biz owner wey dey try make am. D Chairman of Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, release 50 specific tax waivers nd exemptions wey we go fit enjoy from next year.
According to wetin dem talk, if you dey earn minimum wage or less, you go dey exempt from Personal Income Tax (PAYE). If your annual income na ₦1.2m or lower, congratulations, you no go pay tax. Even those wey dey earn ₦20m per year go still get small tax relief. Gifts wey you receive too no go attract tax, abeg, make dem no tax your kind heart!
As if that no be enough, dem go allow you make some deductions wey fit reduce your taxable income. Things like pension contributions, health insurance, and even small rent relief (up to ₦500,000) go help you chop small from tax. Na only for Naija you go hear say pension money no dey taxed – wetin you wan do without your savings for old age?
Dem don even talk about how capital gains tax go work now. If you sell your personal house and other personal items wey worth less than ₦5m, no wahala, you go clear. And if your small business dey generate no more than ₦100m turnover, make you dey dance because you no go pay Companies Income Tax!
But na wa oh! For small companies, dem don reduce withholding tax as well, so you no go dey chop more burden again. E be like say dem wan help small biz flourish so dem go fit create plenty jobs. Na so dem go dey exempt tax on basic needs: food wey you fit carry go chop, health services, education, and even baby products go come dey VAT-free! For school fees or medication, no more extra charges for taxes – na green light to enjoy!
We sabi say palliative dey important, but who sabi wetin dem go do with all dis money wey taxes go bring? Taiwo Oyedele assure say dem get plans to ensure say governors go follow spending framework, but e no fit impose am on dem. So, we go dey watch as this tax reform pattern e dem jaga-jaga no go touch ground.
Under dis “Influencing for Good” initiative, dem dey invite citizens to nominate influencers wey go spread the correct gist about such important reforms. Make we no use wrong information dey chop ourselves.
For those wey dey plan to start business or dem dey hustle small, dis na your time to shine! No forget to collect your receipts and maintain good records, because taxman no dey friendly when e enter accounting matter. Everybody dey play alert as dem set to kick-off dis new policy.
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