OVERVIEW OF: Federal Government reveals Plans to exempt minimum Wage Earners from Paying Tax
President Muhammadu Buhari has said minimum wage earners would be exempted from Personal Income Tax payment.
Buhari said the plan was one of the proposals in the 2020 Finance Bill pending before the National Assembly.
Vice President Yemi Osinbajo disclosed Buhari’s plan at the opening of the 26th Nigerian Economic Summit Group conference.
A statement by Osinbajo’s spokesman, Laolu Akande, disclosed that the measure would also help in stimulating Nigeria’s economy.
“We are proposing in the new Finance Bill that those who earn minimum wage should be exempted from paying income tax.
“These provisions complement the tax breaks given to small businesses last year to not only further stimulate the economy, but are also a fulfillment of promises made to take steps to help reduce the cost of transportation and the impact of inflation on ordinary Nigerians,” he said.