FG proposes 25% personal income tax for Nigerians earning above N1.5m monthly

 

Taiwo Oyedele, chairman of the presidential committee on fiscal policy and tax reforms, has revealed that the personal income tax of Nigerians earning above N1.5 million will be increased to 25% under the new economic stabilisation bill.

This is even as he disclosed that the federal government is working on developing a system to automatically get the right people to pay taxes rather than taxing low-income earners.

According to the tax expert, the wrong people have been paying taxes like those in the formal sector.

Oyedele made this known on Monday while speaking at the ongoing 30th Nigeria Economic Summit taking place in Abuja.

Speaking on the topic, ‘Fiscal & Monetary Policy Reforms; Removing Barriers to Private Sector Investment’, the tax committee chairman said people earning less than N1.5 million below would be exempted from the personal income tax (PIT)