Monday, January 25, 2021

New tax regime to favor minimum wage earners



Minimum wage earners in the country will in no distant time be exempted from Personal Income Tax payment.

President Muhammadu Buhari said the plan is one of the proposals in the 2020 Finance Bill now before the National Assembly.

Buhari, in a speech delivered virtually on his behalf by Vice President Yemi Osinbajo at the opening of the 26th Nigerian Economic Summit Group conference said the measure would also help in stimulating the economy

Buhari noted that the tax exemption, alongside others in the bill, would ensure the resilience of the economy.

He also gave insights into the collaboration between the Central Bank of Nigeria (CBN), the Nigerian Sovereign Wealth Investment Authority (NSIA) and other stakeholders in the creation of an Infrastructure Company (Infraco) Fund to address some of the nation’s critical infrastructure needs.