{"id":115611,"date":"2024-12-09T04:01:33","date_gmt":"2024-12-09T03:01:33","guid":{"rendered":"https:\/\/pointblanknews.com\/pbn\/?p=115611"},"modified":"2024-12-09T04:01:33","modified_gmt":"2024-12-09T03:01:33","slug":"bola-tinubus-tax-reform-bill-at-a-glance","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/articles-opinions\/bola-tinubus-tax-reform-bill-at-a-glance\/","title":{"rendered":"BOLA TINUBU\u2019S TAX REFORM BILL AT A GLANCE"},"content":{"rendered":"<div id=\"m#msg-f:1817895391864357578\" class=\"mail-message expanded\">\n<div class=\"mail-message-header spacer\" style=\"text-align: justify;\">1. Zero rated VAT and other incentives to promote exports in goods, services, and intellectual property.<\/div>\n<div id=\"m#msg-f:1817895391864357578-content\" class=\"mail-message-content collapsible zoom-normal mail-show-images \" style=\"text-align: justify;\">\n<div class=\"clear\">\n<div dir=\"auto\">\n<div dir=\"auto\">2. Tax exemptions for small businesses including WHT, VAT, and 0% CIT.<br \/>\n3. Exemption from personal income tax for minimum wage earners and reduced tax burden for over 90% of private and public sector workers.<br \/>\n4. VAT at 0% for food, education, health, and exemption for rent and public transportation. These items constitute an average of 82% of household consumption and nearly 100% for low income households to ameliorate the rising cost of living for the masses.<br \/>\n5. Introduction of the Tax Ombudsman to advocate for improved tax system and protect vulnerable taxpayers.<br \/>\n6. Reduction of corporate income tax rate from 30% to 25% over the next 2 years and elimination of earmarked taxes on companies to be replaced with a harmonised single levy at a reduced rate.<br \/>\n7. Elimination of minimum tax on loss-making companies and those with low margins.<br \/>\n8. Grant of input VAT credit to businesses on assets and services to reduce cost of investment and improve competitiveness.<br \/>\n9. Redesign of the personal income tax band and rates, VAT and Capital Gains Tax to be progressive while protecting the poor.<br \/>\n10. Proposal to repeal over 50 nuisance taxes and levies, and harmonise the remaining taxes to a single digit.<br \/>\n11. Rationalisation of tax incentives to reduce uncertainty and provide aEquitable basis for VAT revenue sharing to ensure that states without many headquarter companies are fairly treated and recognised for their economic contributions level playing field for all investors.<br \/>\n12. A new National Fiscal Policy to set the framework for fair taxation, responsible borrowing and sustainable spending<br \/>\n13. A new National fiscal policy to set the framework for fair taxation, responsible borrowing, and sustainable spending.<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"mail-message-footer spacer collapsible\" style=\"text-align: justify;\"><\/div>\n<\/div>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content --><!-- AddThis Related Posts generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>1. Zero rated VAT and other incentives to promote exports in goods, services, and intellectual property. 2. Tax exemptions for small businesses including WHT, VAT, and 0% CIT. 3. Exemption&hellip;<!-- AddThis Advanced Settings generic via filter on wp_trim_excerpt --><!-- AddThis Share Buttons generic via filter on wp_trim_excerpt --><!-- AddThis Related Posts generic via filter on wp_trim_excerpt --><\/p>\n","protected":false},"author":1,"featured_media":112234,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[7],"tags":[],"class_list":["post-115611","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-articles-opinions"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>BOLA TINUBU\u2019S TAX REFORM BILL AT A GLANCE - Pointblank News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/pointblanknews.com\/pbn\/articles-opinions\/bola-tinubus-tax-reform-bill-at-a-glance\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"BOLA TINUBU\u2019S TAX REFORM BILL AT A GLANCE - Pointblank News\" \/>\n<meta property=\"og:description\" content=\"1. Zero rated VAT and other incentives to promote exports in goods, services, and intellectual property. 2. Tax exemptions for small businesses including WHT, VAT, and 0% CIT. 3. 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