Taiwo Oyedele, chairman of the presidential committee on fiscal policy and tax reforms, says the personal income tax of Nigerians earning above N1.5 million will be increased under the new economic stabilisation bill.
Advertisement“If you earn N1.5 million in a month or less, your personal income tax will go down.
“Today, if you earn N100 million in a month, nobody hates 19% effective personal income tax rate.
Advertisement“One of our focuses is getting people to pay taxes, particularly people on the higher end,” he said.
“We discovered that about 90 percent of people who pay taxes have no business paying taxes...
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