LunagisthubNew Tax Law Exempts Low-Income Earners
The Chairman of the Presidential Committee on Tax Policy and Fiscal Reforms, Taiwo Oyedele, has announced that households earning ₦250,000 or less per month will be exempt from paying taxes under the new tax laws. This move aims to alleviate the tax burden on low-income earners and stimulate economic activity.
According to Oyedele, the new tax laws classify households earning ₦250,000 or less per month as poor and exempt them from paying taxes. This exemption is expected to provide relief to low-income earners and allow them to retain more of their hard-earned income.
The new tax laws, which will take effect from January 2026, are designed to:
– Stimulate economic activity
– Track tax evaders
– Create a more efficient tax system
The exemption of low-income earners from paying taxes is a welcome development for many Nigerians. As Oyedele noted, “This tax law will not give you cash in your pocket but at least it won’t take your cash away if you are poor.” This move demonstrates the government’s commitment to supporting low-income earners and promoting economic growth.
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