Tag: Tax
Reps Advocate for Tax Exemption for Persons with Disabilities, Call for Full Implementation of Disability Rights Act
The House of Representatives Committee on Disability Matters has called for tax exemptions for Persons with Disabilities (PWDs) and urged for the full implementation of the Disability Rights Act across Nigeria. Chairman of the committee, Bashiru Dawodu (APC, Lagos), made the appeal during the signing of a Memorandum of Understanding (MoU) by Persons with Disability…
President Tinubu Welcomes NEC’s Recommendation for Further Consultation on Tax Reform Bills
In a recent development, President Bola Tinubu has responded positively to the recommendation by the National Economic Council (NEC) to reconsider certain tax reform bills currently under review by the National Assembly. The NEC, chaired by Vice President Kashim Shettima and consisting of Nigeria’s 36 state governors, advised that these bills be temporarily withdrawn to…
Breaking News: A Simplified and Business-Friendly Withholding Tax Regime Approved
Background Withholding tax, introduced into Nigeria’s tax system in 1977, was initially designed to serve as an advance payment of income tax on specified transactions. It aimed to provide the government with a steady revenue stream and curb tax evasion. However, over time, the regime expanded to cover more transactions, resulting in ambiguities and complications…