1: Businesses with less than N50 million turnover are exempted from tax payment.
2: Over 90% of workers in public and private sector will no longer pay income tax.
3: Over 82% of what low income persons consume will be VAT free.
4: Scrapping over 50 Taxes imposed on local businesses.
5: VAT will no longer be calculated base on where the companies have their headquarters but where their goods are consumed
6: The rich to pay more Taxes while poor pay lesser.
7: Consumption Tax collected by states will be eliminated completely.
8: FG share of VAT to reduce from 15% to 10% as states and LGAs now get 90%.
9: Those earning less than N1.7m monthly will now pay less income tax.
10: Customs, NUPRC and other govt agencies will no longer collect tax as only one Agency will be responsible for collection of all taxes in Nigeria.
11: Those receiving less than N9 million per annum could have their income tax cut by half.
12: The bills could lead to abolition of other multiple tax laws like the stamp duty act.
13: Over 90% of small businesses would no longer pay profit tax
14: Gradual increase of VAT from 10% in 2025 to 15% in 2030… With almost every goods consume by low income earners exempted from VAT.
15: Many Nigeria companies pay over 60 types of different taxes & levies, the bills seek to end this factor killing NGR industries.
