New tax reform will ease burden on low-income workers – FCT-IRS…

The Acting Executive Chairman of the Federal Capital Territory Internal Revenue Service (FCT-IRS), Michael Ango, says Nigeria’s new tax reform is designed to ease the burden on low-income workers.

Ango stated this on Thursday at the BusinessDay Tax Reform Conference, held in Abuja.

The conference theme is “Navigating the New Tax Regime: What It Means for Your Wallet.”

He said the new tax reform was designed to ensure fairness and equity in revenue collection.

“The country’s lowest income earners will be exempted from taxation. We will try to relieve these people who earn within a certain threshold, while ensuring that those in the higher income brackets contribute their fair share.

“Taxation is an invitation from the government to partner with them in providing essential services.

“If we all contribute, the government can build schools, hospitals, roads and ensure security so that citizens can carry out their activities without interference,” Ango said.

He urged every Nigerian to understand the reform, visit government offices and ask questions.

“It’s not about politics, it’s about progress and building a system that works for everyone,” he added.

Chairman of the National Tax Implementation Committee, Joseph Tegbe, in his speech, said the country’s new tax system is simple, fair and efficient.

“Nigerians have nothing to fear in the new tax reforms and anyone who feels they are overtaxed can always lodge complaints which will be investigated by the relevant tax authorities.

“The goal of this reform is to make the tax system simpler, fairer and more efficient for government, business and all of us who live and work in the country,” he said.

Previously, BusinessDay editor Frank Aigbogun said the event was organized to bridge the gap between political intent and day-to-day economic reality.

Aigbogun, represented by the Executive Director, John Osadolor, said he would also take an in-depth look at the recent tax reforms introduced by the President.

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“These laws are designed to simplify Nigeria’s tax landscape, stimulate economic growth, increase revenue generation and improve effective tax administration at all levels of government,” he said.

Meanwhile, Professor Uche Uwaleke, of Nasarawa State University Keffi, said the reform would bring relief to families and support for small businesses.

“For many families, the reform will provide significant relief by expanding exemptions for low-income workers and protecting pensions and healthcare contributions from additional tax burdens,” he said.

(NAN)

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