How homes, individuals will benefit from Tinubu’s tax reform – Presidency

President Bola Tinubu is focused on going through with the tax reform bills despite a barrage of criticism from the public, especially, from the North.

Tinubu also turned down the advice of the National Economic Council (NEC) to withdraw the tax reform bills with the president optimistic that they would be successful.

With the bills put on recess by the Senate until 2025, Special Assistant to the President on Social Media, Dada Olusegun, in a post on his official X account on Friday highlighted what homes and individuals can benefit from the implementation of the tax reform.

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“Complete exemption of low-income earners up to Nim per annum (about N83k per month) from PAYE,” Olusegun wrote.

“Reduced PAYE tax for those earning a monthly salary of N1.7m or less.

“Zero per cent Value Added Tax (VAT) on food, healthcare, education, electricity generation and transmission.

“VAT exemption on transportation, renewable energy, CNG, baby products, sanitary towels, rent and fuel products.”

Olusegun also said the tax reform will also affect in a positive way: Tax breaks for wage awards and transport subsidy to low-income earners.

Other benefits, according to him, are tax incentives for employers to hire more people incrementally than in the previous three years, exemption of stamp duties on rent below N10 million and PAYE tax exemption for other ranks and armed forces fighting insecurity.

Also on the list are friendly tax rules for remote workers and digital nomads as well as clarity on taxation of digital assets to avoid double taxation and allow a deduction for losses.

Tinubu’s proposed tax reforms, meanwhile, appear to resonate with northern businesses despite the resentment from the region, according to a new report.